ELVERSON CORPORATION v. HELVERING

No. 360.

122 F.2d 295 (1941)

ELVERSON CORPORATION v. HELVERING, Com'r of Internal Revenue. HELVERING, Com'r of Internal Revenue, v. ELVERSON CORPORATION.

Circuit Court of Appeals, Second Circuit.

August 4, 1941.


Attorney(s) appearing for the Case

Floyd F. Toomey, Ellsworth C. Alvord, and Karl Riemer, all of Washington, D. C. (Alvord & Alvord, of Washington, D. C., of counsel), for Elverson Corporation.

F. E. Youngman, Sp. Asst. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. L. Monarch, Sp. Asst. to Atty. Gen., for the Commissioner.

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


L. HAND, Circuit Judge.

This case comes up upon petitions by the taxpayer and the Commissioner to review an order of the Board of Tax Appeals which modified and affirmed a deficiency assessed for the year 1934 against the taxpayer upon its income tax and excess profits tax, and which expunged an assessment against it as a "personal holding company" for surtax and penalty. The question upon the taxpayer's appeal is whether by a transaction which occurred on October...

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