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LLOYD-SMITH v. COMMISSIONER OF INTERNAL REVENUE

No. 12.

116 F.2d 642 (1941)

LLOYD-SMITH v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

January 6, 1941.

Attorney(s) appearing for the Case

Wright, Gordon, Zachry & Parlin, of New York City (Charles C. Parlin and James A. Fowler, Jr., both of New York City, of counsel), for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Norman D. Keller and Maurice J. Mahoney, Sp. Assts. to Atty. Gen., for respondent.

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

AUGUSTUS N. HAND, Circuit Judge.

In 1932 the above taxpayer, Marjorie Fleming Lloyd-Smith, transferred to Jorwil Corporation certain assets belonging to her which had a cost basis of $2,636,778.49, and a fair market value at the time of transfer of $477,606.19. In exchange Jorwil Corporation issued to her its capital stock of the par value of $15,000 and its unsecured two year 6% promissory note for $303,000. In 1933 the note was split into two notes, one for $70...

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