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COMMISSIONER OF INTERNAL REV. v. ASHLAND OIL & R. CO.

Nos. 7541, 7542.

99 F.2d 588 (1938)

COMMISSIONER OF INTERNAL REVENUE v. ASHLAND OIL & REFINING CO. ASHLAND OIL & REFINING CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Sixth Circuit.

November 18, 1938.

Attorney(s) appearing for the Case

A. F. Prescott, of Washington, D. C. (James W. Morris, Sewall Key, and A. F. Prescott, all of Washington, D. C., on the brief), for Commissioner of Internal Revenue.

John W. Davis, of New York City, and John E. McClure, of Washington, D. C. (John W. Davis, of New York City, Weston Vernon, Jr., Robert N. Miller, and John E. McClure, all of Washington, D. C., Davis, Polk, Wardwell, Gardiner & Reed, of New York City, and Miller & Chevalier, of Washington, D. C., on the brief), for Ashland Oil & Refining Co.

Before HICKS, SIMONS, and HAMILTON, Circuit Judges.

SIMONS, Circuit Judge.

Upon the petition of the taxpayer, Swiss Oil Corporation, now merged with others under the name Ashland Oil & Refining Company, we have two principal questions to decide. The first is whether the taxpayer in 1926 by liquidating another corporation, the stock of which it wholly owned, realized gain, notwithstanding an original purpose to acquire the liquidated corporation's properties, and not its stock. The second involves the correctness...

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