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CHELEY v. COMMISSIONER OF INTERNAL REVENUE

No. 2519.

131 F.2d 1018 (1942)

CHELEY v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Tenth Circuit.

November 4, 1942.

Attorney(s) appearing for the Case

Stephen H. Hart, of Denver, Colo. (Lewis & Grant, of Denver, Colo., Frank L. Moorhead, of Boulder, Colo., and Mason A. Lewis and J. B. Grant, both of Denver, Colo., on the brief), for petitioner.

Maryhelen Wigle, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., Sewall Key and J. Louis Monarch, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before PHILLIPS, BRATTON and MURRAH, Circuit Judges.

BRATTON, Circuit Judge.

This proceeding brings under review an order of the Board of Tax Appeals, and the question presented is whether certain shares of corporate stock distributed to petitioner constituted realized gain subject to income tax.

Throughout the year 1936, Zero Hour Torpedo Company, a corporation organized under the laws of Wyoming, owned a patent on an electric bomb used in "shooting" oil wells; Bleecker Manufacturing Company, a corporation...

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