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COM'R OF INTERNAL REVENUE v. CAPENTO SECURITIES CORP.

No. 3897.

140 F.2d 382 (1944)

COMMISSIONER OF INTERNAL REVENUE v. CAPENTO SECURITIES CORPORATION et al.

Circuit Court of Appeals, First Circuit.

January 31, 1944.

Attorney(s) appearing for the Case

Bernard Chertcoff, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., Sewall Key and Samuel H. Levy, Sp. Assts. to Atty. Gen., J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and John M. Morawski, Sp. Atty., Bureau of Internal Revenue, all of Washington, D. C., of counsel), for petitioner for review.

Edward C. Thayer, of Boston, Mass., for Capento Securities Corporation et al.

Before MAGRUDER, MAHONEY, and WOODBURY, Circuit Judges.

MAGRUDER, Circuit Judge.

This case involves the income and excess profits tax liability of the Capento Securities Corporation and of the Raytheon Production Corporation for the fiscal year ending May 31, 1936. The Commissioner ruled that Capento Securities Corporation had derived a taxable gain of $34,840 from an exchange of bonds for stock during the taxable year, and that Raytheon Production Corporation had derived a taxable gain of $450,000 from the same exchange...

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