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FARID-ES-SULTANEH v. COMMISSIONER OF INTERNAL REV.

No. 154, Docket 20400.

160 F.2d 812 (1947)

FARID-ES-SULTANEH v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

April 11, 1947.

Attorney(s) appearing for the Case

Herbert E. Kaufman, of New York City (August Merrill, of Utica, N.Y., and Arthur L. Newman, II, of New York City, of counsel), for appellant.

Sewall Key, Acting Asst. Atty. Gen., and A. F. Prescott and S. Dee Hanson, Sp. Assts. to Atty. Gen., for respondent.

Before SWAN, CHASE, and CLARK, Circuit Judges.

CHASE, Circuit Judge.

The problem presented by this petition is to fix the cost basis to be used by the petitioner in determining the taxable gain on a sale she made in 1938 of shares of corporate stock. She contends that it is the adjusted value of the shares at the date she acquired them because her acquisition was by purchase. The Commissioner's position is that she must use the adjusted cost basis of her transferor because her acquisition was by gift. The Tax...

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