CITIZENS & SOUTHERN NAT. BANK v. COM'R OF INT. REVENUE

No. 10616.

136 F.2d 406 (1943)

CITIZENS & SOUTHERN NAT. BANK v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

June 15, 1943.


Attorney(s) appearing for the Case

William C. Turpin, Jr., and Charles J. Bloch, both of Macon, Ga., for petitioner.

Joseph M. Jones, Sewall Key, Sp. Assts. to the Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Rollin H. Transue, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before HUTCHESON, HOLMES, and WALLER, Circuit Judges.


HOLMES, Circuit Judge.

The petitioner, as trustee of a trust estate created by the will of Emanuel Ulman, upon the death of the testator, became the titular owner of 100 shares of common stock in the Coca-Cola International Corporation. Being of the opinion that such stock was not an investment available to a trustee under the laws of Georgia, where the trust had its situs, negotiations were entered upon to convert the stock into cash. On September 5, 1936, a brokerage...

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