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STERN BROS. & CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 11555.

108 F.2d 309 (1940)

STERN BROS. & CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Eighth Circuit.

January 5, 1940.

Attorney(s) appearing for the Case

John H. McEvers and Herman M. Langworthy, both of Kansas City, Mo. (Ryland, Stinson, Mag & Thomson and Reece A. Gardner, all of Kansas City, Mo., on the brief), for petitioner.

Newton K. Fox, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Sp. Asst. to Atty. Gen., on the brief), for respondent.

W. Glenn Harmon, of San Francisco, Cal., Ernest L. Wilkinson, of Washington, D.C., and Carl D. Matz, of Kansas City, Mo., amici curiæ.

Before STONE, SANBORN, and THOMAS, Circuit Judges.

SANBORN, Circuit Judge.

This is a petition to review a decision of the Board of Tax Appeals redetermining deficiencies in the income taxes of the petitioner for the years 1934 and 1935. The facts were stipulated. During the years in question the petitioner sold at a profit bonds of Joint Stock Land Banks issued under the Federal Farm Loan Act of July 17, 1916, c. 245, 39 Stat. 360, 12 U.S.C.A. § 641 et seq. Believing that the profits derived from the sale of...

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