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COMMISSIONER OF INTERNAL REVENUE v. FIRST NAT. BANK

Nos. 6622, Nos. 6614-6621.

104 F.2d 865 (1939)

COMMISSIONER OF INTERNAL REVENUE v. FIRST NAT. BANK OF ALTOONA, PA., et al., and eight other cases.

Circuit Court of Appeals, Third Circuit.

June 17, 1939.

Attorney(s) appearing for the Case

James W. Morris, Asst. Atty. Gen., and Sewall Key and Lee A. Jackson, Sp. Assts. to Atty. Gen., for petitioner.

S. Leo Ruslander of Pittsburgh, Pa. (Isaiah Scheeline, of Altoona, Pa., and Samuel Kaufman, of Pittsburgh, Pa., of counsel), for respondents.

Before DAVIS and BUFFINGTON, Circuit Judges, and DICKINSON, District Judge.

DAVIS, Circuit Judge.

The basic issue, upon which depends to a large extent the decision in all of the cases here involved, is whether or not the Independent Oil Company (hereinafter called the old company), respondent in Appeal No. 6614, realized a taxable gain as a result of certain transactions which took place in the year 1930.

In that year, in accordance with the terms of a contract previously entered into, the old company transferred approximately 86...

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