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COMMISSIONER v. SMITH

No. 371.

324 U.S. 177 (1945)

COMMISSIONER OF INTERNAL REVENUE v. SMITH.

Supreme Court of United States.

Decided February 26, 1945.

Attorney(s) appearing for the Case

Mr. J. Louis Monarch, with whom Solicitor General Fahy, Assistant Attorney General Samuel O. Clark, Jr., and Mr. Sewall Key were on the brief, for petitioner.

Mr. Clarence D. Phillips, with whom Messrs. Franklin T. Griffith and Earl S. Nelson were on the brief, for respondent.

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

Respondent's employer gave to him, as compensation for his services, an option to purchase from the employer certain shares of stock of another corporation at a price not less than the then value of the stock. In two later tax years, when the market value of the stock was greater than the option price, respondent exercised the option, purchasing large amounts of...

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