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MACK v. COMMISSIONER OF INTERNAL REVENUE

No. 8667.

148 F.2d 62 (1945)

MACK v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

Decided March 1, 1945.

Attorney(s) appearing for the Case

John A. McCann, of Pittsburgh, Pa. (J. Paul Fife and Thomas V. Douglass, both of Pittsburgh, Pa., on the brief), for petitioner.

Leonard Sarner, of Washington, D. C. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and Helen Carloss, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before GOODRICH and McALLISTER, Circuit Judges, and GIBSON, District Judge.

McALLISTER, Circuit Judge.

By virtue of provisions in the will of his father, petitioner acquired an option to purchase a limited number of shares of stock from the testamentary trustees at a price equal to one half of the average market value of the shares at the time of exercise of the option. The average market price of the shares was defined to be "the mean between the high and the low of the market price of said stock during the six (6) calendar months immediately...

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