LAKESIDE IRR. CO. v. COMMISSIONER OF INTERNAL REV.

No. 9897.

128 F.2d 418 (1942)

LAKESIDE IRR. CO., Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

May 20, 1942.


Attorney(s) appearing for the Case

Camden R. McAtee, of Washington, D. C., for petitioner.

Edward H. Hammond, Sewall Key, J. Louis Monarch, and Gerald L. Wallace, Sp. Assts. to the Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Charles E. Lowery, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before FOSTER, SIBLEY, and McCORD, Circuit Judges.


SIBLEY, Circuit Judge.

The taxpayer corporation in the tax year 1936 was indebted to a stockholder in a large amount long past due. Its president by letter advised her that the corporation wished to sell four named lots of stock it owned in other unrelated corporations and apply the proceeds in part payment of her debt, or if she preferred would transfer the stocks to her for a credit of their market value. By telephone she elected to take the stocks. The directors...

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