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COURT HOLDING CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 10976.

143 F.2d 823 (1944)

COURT HOLDING CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

July 11, 1944.

Attorney(s) appearing for the Case

Maurice Kay, of Washington, D. C., for petitioner.

Muriel S. Paul, Sewall Key, A. F. Prescott, and Harry Baum, Sp. Assts., to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Bernard D. Daniels, Special Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before SIBLEY, HUTCHESON, and LEE, Circuit Judges.

SIBLEY, Circuit Judge.

For the calendar year 1940 the Commissioner assessed additional taxes growing out of a failure of Court Holding Company to return a gain on a sale of real estate as realized by it, instead of by its stockholders who had returned it. A fraud penalty was also imposed. The Tax Court held that the sale was to be attributed to the corporation and upheld the tax, but that though an incorrect position in law had been taken by the corporation, there...

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