GOLDEN STATE T. & R. CORP. v. COMMISSIONER OF INT. REV.

No. 9902.

125 F.2d 641 (1942)

GOLDEN STATE THEATRE & REALTY CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Ninth Circuit.

February 9, 1942.


Attorney(s) appearing for the Case

L. S. Hamm, B. E. Kragen, and Jesse Feldman, all of San Francisco, Cal., and Lionel B. Benas, of Oakland, Cal., for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and J. Louis Monarch and Hubert L. Will, Sp. Assts. to Atty. Gen., for respondent.

Before WILBUR, DENMAN, and HEALY, Circuit Judges.


WILBUR, Circuit Judge.

This is an appeal from a decision of the Board of Tax Appeals holding the petitioner liable for income taxes for the year 1936 upon the value of certain of its shares transferred to it by a wholly owned subsidiary, a corporation known as the San Francisco Wigwam Theatre Company, hereinafter called the "Wigwam Company".

It appears from the record that in 1931 the Wigwam Company purchased 4,397...

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