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McALLISTER v. COMMISSIONER OF INTERNAL REVENUE

No. 266, Docket 20178.

157 F.2d 235 (1946)

McALLISTER v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

August 6, 1946.

Attorney(s) appearing for the Case

Charles B. Collins, of Jersey City, N. J. (James D. Carpenter, Jr., of Jersey City, N. J., and William Diebold, of New York City, on the brief), for petitioner.

L. W. Post, Sp. Asst. to the Atty. Gen. (Sewall Key, Acting Asst. Atty. Gen., and Helen R. Carloss, Sp. Asst. to the Atty. Gen., on the brief), for respondent.

Before SWAN, CLARK, and FRANK, Circuit Judges.

CLARK, Circuit Judge.

This petition for review presents the question whether the sum of $55,000 received by petitioner on "transfer" or "surrender" of her life interest in a trust to the remainderman constitutes gross income under I.R.C. § 22(a), 26 U.S.C.A. Int.Rev. Code, § 22(a), or receipts from the sale of capital assets as defined in I.R.C. § 117(a) (1), 26 U.S.C.A. Int.Rev.Code, § 117(a) (1). As we shall see, some significance seemingly is...

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