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ADAMS v. COMMISSIONER OF INTERNAL REVENUE

No. 9069.

155 F.2d 246 (1946)

ADAMS v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

Reargued March 5, 1946.

Decided April 16, 1946.

Attorney(s) appearing for the Case

Sydney A. Gutkin, of Newark, N. J., for petitioner.

Helen Goodner, of Washington, D.C. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Helen R. Carloss, and Carlton Fox, Sp. Assts. to the Atty. Gen., on the brief), for respondent.

Before BIGGS, MARIS, GOODRICH, McLAUGHLIN, and O'CONNELL, Circuit Judges.

O'CONNELL, Circuit Judge.

Basically, this case presents the same issues as Bazley v. Commissioner, 3 Cir., 155 F.2d 237. There are two factual differences, however, which call for further consideration. As in Bazley, we have before us a petitioner who is the principal shareholder1 of a tightly held corporation.

The taxpayer, in connection with the elimination...

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