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MAJESTIC SECURITIES CORP. v. COMMISSIONER OF INT. REV.

No. 11920.

120 F.2d 12 (1941)

MAJESTIC SECURITIES CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Eighth Circuit.

June 5, 1941.

Attorney(s) appearing for the Case

Floyd F. Toomey, of Washington, D. C. (Ellsworth C. Alvord and Alvord & Alvord, all of Washington, D. C., on the brief), for petitioner.

Edward First, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Helen R. Carloss, and S. Dee Hanson, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before SANBORN, WOODROUGH, and THOMAS, Circuit Judges.

THOMAS, Circuit Judge.

This case comes before the court upon the petition of a taxpayer to review a decision of the United States Board of Tax Appeals (42 B.T.A. 698) redetermining deficiencies in income taxes of the petitioner for the years 1934 and 1935.

The controversy involves the determination of the proper cost basis in computing income derived from the sale of securities under Section 113(a) of the Revenue Act of 1934, 48 Stat. 680, 706, 26 U.S.C.A...

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