SCHWEPPE v. COMMISSIONER OF INTERNAL REVENUE

No. 11818.

168 F.2d 284 (1948)

SCHWEPPE v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Ninth Circuit.

May 18, 1948.


Attorney(s) appearing for the Case

Gibson, Dunn & Crutcher, J. C. Macfarland, Elmo H. Conley and Bert A. Lewis, all of Los Angeles, Cal. for petitioner.

Theron LaMar Caudle, Asst. Atty. Gen., and Sewall Key, Lee A. Jackson, Robert M. Weston and Arthur L. Jacobs, Sp. Assts. to Atty. Gen., for respondent.

Before HEALY, BONE and ORR, Circuit Judges.


PER CURIAM.

Petitioner seeks review of a decision of the Tax Court. The facts may be briefly summarized as follows: In the year 1913 petitioner's mother loaned $400,000 to the Van Nuys Building Company, a family corporation then owned one-half by the mother and one-sixth by each of her three children, which loan was evidenced by a three year note bearing 5% interest per year, secured by an unrecorded mortgage. Between 1915 and 1920 the mother told her children at...

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