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RICHARDS' ESTATE v. COMMISSIONER OF INTERNAL REV.

Nos. 158, 166, No. 167.

150 F.2d 837 (1945)

RICHARDS' ESTATE et al. v. COMMISSIONER OF INTERNAL REVENUE. COMMISSIONER OF INTERNAL REVENUE v. RICHARDS' ESTATE et al. (two cases).

Circuit Court of Appeals, Second Circuit.

July 2, 1945.

Attorney(s) appearing for the Case

Paul Van Anda, of New York City (John W. Davis, of New York City, of counsel), for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Robert N. Anderson, and Melva M. Graney, Sp. Assts. to Atty. Gen., all of Washington, D. C., for respondent.

Before L. HAND, SWAN, and CHASE, Circuit Judges.

CHASE, Circuit Judge.

Eugene Lamb Richards and Fred Y. Presley were joint adventurers who promoted an investment trust called National Investors Corporation. In connection with the underwriting, Presley obtained the agreement of the Guardian Detroit Company dated June 2, 1927, to assign 10,000 options on the stock of National Investors Corporation to Presley's nominee, which represented a part of the profits of the promotion. On June 9, 1927, Presley made an agreement...

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