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LOUIS W. GUNBY, INC. v. HELVERING

No. 7742.

122 F.2d 203 (1941)

LOUIS W. GUNBY, Inc., v. HELVERING, Commissioner of Internal Revenue.

United States Court of Appeals for the District of Columbia.

Decided June 16, 1941.

Attorney(s) appearing for the Case

William Stanley, J. Edward Burroughs, and William P. Arnold, all of Washington, D.C., for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Newton K. Fox, J. P. Wenchel, and Irving M. Tullar, all of Washington, D. C., for respondent.

Before GRONER, Chief Justice and EDGERTON, and RUTLEDGE, Associate Justices.

GRONER, C. J.

Section 112, Revenue Act of 1934, provides that: "No gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock or securities in such corporation, and immediately after the exchange such person or persons are in control of the corporation; * * *."1

And Section 113 provides, in circumstances covered by Section 112, that the basis for determining...

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