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CRELLIN'S ESTATE v. COMMISSIONER OF INTERNAL REVENUE

No. 13275.

203 F.2d 812 (1953)

CRELLIN'S ESTATE v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Ninth Circuit.

Rehearing Denied June 3, 1953.

Attorney(s) appearing for the Case

M. W. Dobrzensky, E. B. Kelly, S. H. Dobrzensky, Oakland, Cal., for petitioners.

Ellis N. Slack, Acting Asst. Atty. Gen., I. Henry Kutz, Sp. Asst. to Atty. Gen., Mason B. Leming, Acting Chief Counsel, Bureau of Internal Revenue, Washington, D. C., for respondent.

Before ORR, Circuit Judge, and LING and BYRNE, District Judges.

ORR, Circuit Judge.

Petitioners are stockholders in a California personal holding corporation. During the year 1946 the directors of the holding company declared a dividend of an amount about equal to a capital gain it had realized on the sale of certain of its securities. The directors, in declaring the dividend, were actuated by a belief that the gains, unless distributed, would be subject to the personal holding company surtax. This belief was based upon the advice...

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