FORRESTAL v. COMMISSIONER OF INTERNAL REVENUE

No. 162.

120 F.2d 223 (1941)

FORRESTAL et al. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

May 19, 1941.


Attorney(s) appearing for the Case

Harry J. Rudick and John D. Garrison, both of New York City (Lord, Day & Lord, of New York City, of counsel), for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and Lee A. Jackson, Sp. Assts. to the Atty. Gen., for respondent.

Before L. HAND, AUGUSTUS N. HAND and CHASE, Circuit Judges.


CHASE, Circuit Judge.

James Forrestal, who is the settlor and the trustee of a trust which he created on May 1, 1929, has brought this petition to review a redetermination by the Board of Tax Appeals of a deficiency in income taxes of the trust for the calendar year 1934. The controversy is centered upon the basis for determining gain on certain stock, forming a part of the corpus of that trust, of a corporation which was dissolved during the taxable year and its...

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