HERBERT'S ESTATE v. COMMISSIONER OF INTERNAL REVENUE

No. 8500.

139 F.2d 756 (1943)

HERBERT'S ESTATE et al. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

Decided December 30, 1943.


Attorney(s) appearing for the Case

Raymond F. Garrity, of Washington, D. C. (Walter R. Schoenberg, of Washington, D. C., on the brief), for petitioners.

Harry Baum, of Washington, D. C. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and A. F. Prescott, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before JONES, GOODRICH, and McLAUGHLIN, Circuit Judges.


GOODRICH, Circuit Judge.

John W. Herbert died in 1934. His executors are the taxpayers in this litigation which concerns the liability of the estate for income taxes on monies received by the estate in 1938 and 1939. When Herbert died, he had a claim against a New Jersey corporation, of which he was sole stockholder, in the face amount of $531,817.75, represented by notes and an open account. Counsel for the taxpayers and the Bureau of Internal Revenue stipulated...

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