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COMMISSIONER OF I. R. v. UNITED STATES & FOREIGN S. CORP.

No. 8637.

148 F.2d 743 (1945)

COMMISSIONER OF INTERNAL REVENUE v. UNITED STATES & FOREIGN SECURITIES CORPORATION.

Circuit Court of Appeals, Third Circuit.

Decided March 22, 1945.

Attorney(s) appearing for the Case

S. Dee Hanson, of Washington, D. C. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and A. F. Prescott, Sp. Assts. to Atty. Gen., on the brief), for petitioner.

Charles C. Parlin, of New York City (Wright, Gordon, Zachry, Parlin & Cahill, and J. Reid Hambrick, of New York City, on the brief), for respondent.

Before GOODRICH and McLAUGHLIN, Circuit Judges, and GANEY, District Judge.

GANEY, District Judge.

This is an appeal from the Board of Tax Appeals and concerns the question of the cost basis of certain Seaboard Air Line Railway Company securities sold by the petitioner during the taxable years 1935 to 1937. The petitioner was one of a number of participants who formed a syndicate to buy, sell, trade and deal in securities of the Seaboard Air Line Railway Company. The petitioner and other participants formed the syndicate believing that by...

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