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COMMISSIONER OF INT REV. v. WARREN WEBSTER TRUST NO. 1

Nos. 7724, 7745, No. 7746.

122 F.2d 915 (1941)

COMMISSIONER OF INTERNAL REVENUE v. WARREN WEBSTER TRUST NO. 1 et al. SAME v. MARTA DANNENBAUM TRUST et al. SAME v. DOROTHY DANNENBAUM TRUST.

Circuit Court of Appeals, Third Circuit.

October 6, 1941.

Attorney(s) appearing for the Case

L. W. Post, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Sp. Asst. to the Atty. Gen., on the brief), for petitioner.

Andrew B. Young, of Philadelphia, Pa., for respondents in No. 7724.

C. Russell Phillips, of Philadelphia, Pa. (Stephen T. Dean and Montgomery & McCracken, all of Philadelphia, Pa., on the brief), for respondents in Nos. 7745 and 7746.

Before BIGGS, MARIS, and JONES, Circuit Judges.

MARIS, Circuit Judge.

In 1931 Warren Webster, Sr., now deceased, transferred securities, without consideration, to a trust bearing his name. At the time of the transfer the fair market value of the securities was less than the basis to the donor. In 1936 the trustees sold the securities. The sale price was less than the basis to the donor but more than the fair market value at the time of the transfer in trust. In their 1936 income tax returns the trustees used the...

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