FORSTMANN v. ROGERS

No. 7712.

128 F.2d 126 (1942)

FORSTMANN v. ROGERS.

Circuit Court of Appeals, Third Circuit.

Decided April 27, 1942.


Attorney(s) appearing for the Case

Bernard Chertcoff, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., Helen R. Carloss and S. Dee Hanson, Sp. Assts. to Atty. Gen., and Charles M. Phillips, U. S. Atty., and Thorn Lord, Asst. U. S. Atty., both of Trenton, N. J., on the brief), for appellant.

George E. Cleary, of New York City (Pitney, Hardin & Skinner and Charles R. Hardin, all of Newark, N. J., and Robert G. Surridge, of Root, Clark, Buckner & Ballantine, of New York City, on the brief), for appellee.

Before BIGGS, MARIS, and GOODRICH, Circuit Judges.


MARIS, Circuit Judge.

In December, 1922, the taxpayer exchanged debenture bonds of a Delaware corporation for bonds of the State of Missouri and the City of Buffalo. The original cost allocated to the debentures was $151,136.28. Their fair market value in December, 1922, was $711,746.55. The taxpayer held the state and municipal bonds for investment and not primarily for sale. In 1929 and 1930 the bonds matured and the taxpayer received $690,000 for them. In her income...

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