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DU PONT v. COMMISSIONER OF INTERNAL REVENUE

No. 7173.

110 F.2d 641 (1940)

DU PONT v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

February 28, 1940.

Attorney(s) appearing for the Case

Percy W. Phillips, of Washington, D. C. (William L. Hennessy, of Wilmington, Del., and Ivins, Phillips, Graves & Barker, of Washington, D. C., of counsel), for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, and Morton K. Rothschild, Sp. Assts. to Atty. Gen., for respondent.

Before BIGGS, CLARK, and JONES, Circuit Judges.

BIGGS, Circuit Judge.

The petitioner was indebted to Bankers Trust Company of New York which called upon him either to deposit additional collateral or reduce the amount of his loan. The petitioner had 90,000 shares of duPont Company stock with Bankers Trust Company as security for this loan. He thereupon made an agreement with Christiana Securities Company to sell to it, and Christiana agreed to buy from the petitioner 62,500 shares of duPont Company stock for $2...

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