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COMMISSIONER OF INTERNAL REVENUE v. MELLON

Nos. 10092, 10093.

184 F.2d 157 (1950)

COMMISSIONER OF INTERNAL REVENUE v. MELLON. COMMISSIONER OF INTERNAL REVENUE v. SCAIFE.

United States Court of Appeals Third Circuit.

Decided August 25, 1950.

Attorney(s) appearing for the Case

Morton K. Rothschild, Washington, D. C. (Theron Lamar Caudle, Assistant Attorney General, Ellis N. Slack, Helen Goodner, Special Assistants to the Attorney General, on the brief), for appellant.

Charles E. Kenworthey, Pittsburgh, Pa. (William M. Robinson, William A. Seifert, and Reed, Smith, Shaw & McClay, all of Pittsburgh, Pa., on the brief), for respondents.

Before McLAUGHLIN and KALODNER, Circuit Judges, and FEE, District Judge.

KALODNER, Circuit Judge.

Richard K. Mellon and his sister, Sarah Mellon Scaife, taxpayers, sold shares of stock of Pullman Incorporated ("Pullman") in 1941 and 1942, and in 1941, 1942 and 1943, respectively. What the basis for this stock should be, for tax purposes, is the ultimate question in these cases. The taxpayers have claimed substantial losses, and the Tax Court, by unanimous decision, agreed. 12 T.C. 90.

The taxpayers...

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