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COMMISSIONER OF INTERNAL REVENUE v. SUSSMAN

No. 68.

102 F.2d 919 (1939)

COMMISSIONER OF INTERNAL REVENUE v. SUSSMAN.

Circuit Court of Appeals, Second Circuit.

April 3, 1939.

Attorney(s) appearing for the Case

James W. Morris, Asst. Atty. Gen., and J. Louis Monarch and Maurice J. Mahoney, Sp. Assts. to Atty. Gen., for petitioner.

Benjamin Mahler, of New York City, for respondent.

Before L. HAND, SWAN, and CHASE, Circuit Judges.

SWAN, Circuit Judge.

Julius L. Sussman, hereafter called the taxpayer, owned eighteen and three-fourths per cent. of the capital stock of each of four affiliated corporations which, in 1927, sold all their assets to Elyria Iron & Steel Company for net cash of $704,774.25 and 9,602 shares of the purchaser's common stock. Such cash and stock were forthwith distributed to the sellers' shareholders. In such distribution the taxpayer received $132,027.67 cash and 1...

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