No. 371.

324 U.S. 695 (1945)


Supreme Court of United States.

Decided April 9, 1945.

Attorney(s) appearing for the Case

Mr. Clarence D. Phillips for respondent.

Solicitor General Fahy, Assistant Attorney General Samuel O. Clark, Jr., Messrs. Sewall Key and J. Louis Monarch for petitioner.

Messrs. Roswell Magill and George G. Tyler filed a brief, as amici curiae, in support of the petition.

MR. CHIEF JUSTICE STONE delivered the opinion of the Court.

Respondent, on motion for rehearing in this Court, for the first time contends that if he is taxable at all after the receipt of the option in 1934, he is taxable as of the date in March, 1938, when he exercised his option, and not when he received the stock in later years. The only later year in question is 1939 in which he received a substantial part of the stock. Before the delivery in 1939 and after the...

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