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KRESS v. STANTON

Nos. 10600, 10601.

196 F.2d 499 (1952)

Lillian Conner KRESS and Fidelity Trust Company, Executors of the Estate of Frederick J. Kress, Deceased, Appellees, v. W. Wendell STANTON, Administrator of the Estate of Walter L. Miller, Deceased, Formerly Collector of Internal Revenue for the Twenty-Third District of Pennsylvania, Appellant. Lillian Conner KRESS and Fidelity Trust Company, Executors of the Estate of Frederick J. Kress, Deceased, Appellees, v. Stanley GRANGER, Collector of Internal Revenue for the Twenty-Third District of Pennsylvania, Appellant.

United States Court of Appeals Third Circuit.

Decided March 18, 1952.

Rehearing Denied May 29, 1952.

Attorney(s) appearing for the Case

S. Dee Hanson, Washington, D. C. (Ellis N. Slack, Acting Asst. Atty. Gen., A. F. Prescott, John W. Fisher, Sp. Assts. to Atty. Gen., Edward C. Boyle, U. S. Atty., Pittsburgh, Pa., on the brief), for appellant.

James Milholland, Pittsburgh, Pa. (Alexander J. Barron and Alter, Wright & Barron, Pittsburgh, Pa., on the brief), for appellee.

Before BIGGS, Chief Judge, and MARIS and McLAUGHLIN, Circuit Judges.

PER CURIAM.

The question presented by the appeals at bar is whether Kress's executors, by transferring certain stock to LeClere, pursuant to provisions of Kress's will, for amounts less than the value of the stock at the time of the transfers, suffered losses deductible under Section 23(e) (2) of the Internal Revenue Code, 26 U.S.C. 1946 ed., § 23(e) (2), and the regulations applicable thereto. The Collectors maintain that the transfers were bequests and not...

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