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COMMISSIONER OF INTERNAL REVENUE v. WEBSTER'S ESTATE

No. 10264.

131 F.2d 426 (1942)

COMMISSIONER OF INTERNAL REVENUE v. WEBSTER'S ESTATE, et al.

Circuit Court of Appeals, Fifth Circuit.

November 13, 1942.

Attorney(s) appearing for the Case

Bernard Chertcoff, Sewall Key, and Gerald L. Wallace, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, and Claude R. Marshall, Sp. Atty., Bureau of Internal Revenue, all of Washington, D. C., for petitioner.

Edwin B. Ellis, of St. Petersburg, Fla., and Andrew B. Young, of Philadelphia, Pa., for respondents.

Before SIBLEY, HOLMES, and McCORD, Circuit Judges.

HOLMES, Circuit Judge.

The question presented by this petition for review is whether the method by which the stockholders of Webster Finance and Investment Company, a holding company, effected an exchange of their stock for stock in Warren Webster and Company, the operating company, was a tax-free reorganization within the provisions of Section 112(b) (3) of the Revenue Act of 1934, 26 U.S.C.A. Int.Rev.Acts, page 692, or whether it was a liquidation within the purview...

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