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HELVERING v. WILLIAMS

Nos. 11079, 11080.

97 F.2d 810 (1938)

HELVERING, Commissioner of Internal Revenue, v. WILLIAMS (two cases).

Circuit Court of Appeals, Eighth Circuit.

July 5, 1938.

Attorney(s) appearing for the Case

Harry Marselli, Sp. Asst. to Atty. Gen. (James W. Morris, Asst. Atty. Gen., and Sewall Key and Maurice J. Mahoney, Sp. Assts. to Atty. Gen., on the brief), for petitioner.

Henry C. Lowenhaupt, of St. Louis, Mo. (Abraham Lowenhaupt, Stanley S. Waite, and Lowenhaupt, Waite & Stolar, all of St. Louis, Mo., on the brief), for respondents.

Before GARDNER, SANBORN, and THOMAS, Circuit Judges.

THOMAS, Circuit Judge.

These cases raise the single question of whether taxpayers who exchanged certain shares of stock for other stock in 1929 and failed to report in that year as income the difference between the cost of the shares exchanged and the market value of the shares received, are precluded, in determining the gain on the sale of the stock in 1930, from using as a basis the market value of the stock when received in 1929. The Board of Tax Appeals decided...

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