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DIEBOLD v. COMMISSIONER OF INTERNAL REVENUE

No. 10473.

194 F.2d 266 (1952)

DIEBOLD v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Third Circuit.

Decided February 1, 1952.

Attorney(s) appearing for the Case

J. Henry O'Neill, Pittsburgh, Pa. (John G. Kish, G. Harold Blaxter, and Blaxter, O'Neill & Houston, all of Pittsburgh, Pa., on the brief), for petitioner.

S. Dee Hanson, Washington, D. C. (Theron Lamar Caudle, Asst. Atty. Gen., Ellis N. Slack, Washington, D. C., on the brief), for respondent.

Before GOODRICH, McLAUGHLIN, and HASTIE, Circuit Judges.

HASTIE, Circuit Judge.

The Tax Court has sustained the Commissioner of Internal Revenue and disagreed with the taxpayer, A. J. Diebold, on the proper calculation of taxable net gain for income tax purposes on taxpayer's 1945 sale of shares of capital stock of Diebold Investment Company. To determine net gain on this transaction the taxpayer deducted from the sale price not only the original cost of the stock to him but also 1/7 of the total value of a bequest and...

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