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COMMISSIONER OF INTERNAL REV. v. MACAULAY'S ESTATE

No. 299.

150 F.2d 847 (1945)

COMMISSIONER OF INTERNAL REVENUE v. MACAULAY'S ESTATE et al.

Circuit Court of Appeals, Second Circuit.

July 24, 1945.

Attorney(s) appearing for the Case

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, J. Louis Monarch, and Morton K. Rothschild, Sp. Assts. to Atty. Gen., for petitioner, Commissioner of Internal Revenue.

William Fitzgibbon and Sandow Holman, both of New York City, for Nathan L. Miller and Lawrence Cavanagh, executors, respondents.

Before L. HAND, SWAN, and AUGUSTUS N. HAND, Circuit Judges.

AUGUSTUS N. HAND, Circuit Judge.

On April 20, 1938, the testatrix, Mrs. Macaulay, made a gift to her husband of 5,000 shares of first preferred stock of Niagara Hudson Power Corporation, and on July 1, 1938, of certain house furnishings and art objects. At the time of her death, which was November 24, 1938, the stock had a fair market value of $428,750. Gift taxes were paid on the foregoing donations. In October 1937 Mrs. Macaulay

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