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COMMISSIONER OF INTERNAL REVENUE v. BETTS

No. 7683.

123 F.2d 534 (1941)

COMMISSIONER OF INTERNAL REVENUE v. BETTS.

Circuit Court of Appeals, Seventh Circuit.

November 26, 1941.

Attorney(s) appearing for the Case

J. P. Wenchel, Bureau of Internal Revenue, of Washington, D. C., Samuel O. Clark, Jr., Asst. Atty. Gen., and L. W. Post, of Washington, D. C., for petitioner.

Hugh W. McCulloch and Ned P. Veatch, both of Chicago, Ill., for respondent.

Before SPARKS and MINTON, Circuit Judges, and LINDLEY, District Judge.

LINDLEY, District Judge.

Petitioner questions a decision of the Board of Tax Appeals absolving respondent taxpayer from any deficiency in income tax for the years 1935, 1936 and 1937.

Respondent has for many years been extensively engaged in the securities brokerage business, being, at the time of the hearing, Chairman of the Board of Governors of the Chicago Stock Exchange. On February 5, 1932, he created a trust, depositing with the trustee certain securities...

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