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COMMISSIONER OF INTERNAL REVENUE v. H. W. PORTER & CO.

No. 10301.

187 F.2d 939 (1951)

COMMISSIONER OF INTERNAL REVENUE v. H. W. PORTER & CO., Inc. et al.

United States Court of Appeals Third Circuit.

Decided March 29, 1951.

Attorney(s) appearing for the Case

Harry Marselli, Washington, D. C., (Theron Lamar Caudle, Asst. Atty. Gen., Ellis N. Slack, Lee A. Jackson, Sp. Assts. to Atty. Gen., on the brief), for petitioner.

George E. H. Goodner, Washington, D. C., for respondent.

Before GOODRICH, McLAUGHLIN and HASTIE, Circuit Judges.

GOODRICH, Circuit Judge.

Is a corporation subject to income tax on what it has made from a transaction which had its own shares as the subject matter? This appeal calls for an answer to that question. The Commissioner said the corporation realized a taxable gain, the taxpayer said not. The Tax Court agreed with taxpayer, reiterating a position it had earlier taken upon the matter. 1950, 14 T.C. 307

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