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HOWARD v. COMMISSIONER OF INTERNAL REVENUE

No. 11807-11813.

238 F.2d 943 (1956)

Hubert E. HOWARD et al., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Seventh Circuit.

December 11, 1956.

Attorney(s) appearing for the Case

William P. Sutter, Chicago, Ill., Samuel H. Horne, Washington, D. C., Harry B. Sutter, Peter L. Wentz, Chicago, Ill., Hopkins, Sutter, Owen, Mulroy & Wentz, Chicago, Ill., of counsel, for petitioners.

Charles K. Rice, Asst. Atty. Gen., Grant W. Wiprud, Atty., Tax Division, U. S. Dept. of Justice, Washington, D. C., Lee A. Jackson, Harry Baum, Dept. of Justice, Washington, D. C., for respondent.

Before DUFFY, Chief Judge, and MAJOR and LINDLEY, Circuit Judges.

LINDLEY, Circuit Judge.

Petitioners seek review of the determination of the Tax Court that a certain transaction in June 1950, wherein petitioners exchanged common stock in Binkley Coal Company solely for voting common stock of Truax-Traer Coal Company constituted a taxable exchange under § 112(b) (3) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 112(b) (3).

Petitioners were stockholders in Binkley, an Illinois corporation engaged in the wholesale...

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