COMMISSIONER OF INTERNAL REVENUE v. STONE'S ESTATE

No. 11132.

210 F.2d 33 (1954)

COMMISSIONER OF INTERNAL REVENUE v. STONE'S ESTATE et al.

United States Court of Appeals Third Circuit.

Decided February 3, 1954.


Attorney(s) appearing for the Case

Joseph F. Goetten, Washington, D. C. (H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, Cecelia H. Goetz, Sp. Assts. to Atty. Gen., on the brief), for petitioner.

John D. Ray, Beaver, Pa., John Cornell Hill, Pittsburgh, Pa. (Harold F. Reed, Reed, Ewing & Ray, Beaver, Pa., James D. Wills, Wills, Entwisle & Hill, Pittsburgh, Pa., on the brief), for respondents.

Before GOODRICH, STALEY and HASTIE, Circuit Judges.


GOODRICH, Circuit Judge.

The question in this appeal from the Tax Court is whether the proceeds received from a sale of stock purchase warrants in 1948 are taxable as ordinary income or as a long term capital gain under section 117(a) (1, 4) I.R.C., 26 U.S.C. A.1 The Tax Court decided that the transaction was governed by the capital gains provision, 19 T.C. 872, and the Commissioner appeals.

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