PEBBLE SPRINGS DISTILL. CO. v. COMMISSIONER OF INT. REV.

No. 11397.

231 F.2d 288 (1956)

PEBBLE SPRINGS DISTILLING CO., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Seventh Circuit.

Rehearing Denied April 4, 1956.


Attorney(s) appearing for the Case

Sidney U. Hiken and Claude A. Roth, Chicago, Ill., Gottlieb & Schwartz, Chicago, Ill., of counsel, for petitioner.

H. Brian Holland, Asst. Atty. Gen., Grant W. Wiprud, Atty., Tax Division, U. S. Dept. of Justice, Washington, D. C., Ellis N. Slack, Lee A. Jackson, Attys., Dept of Justice, Washington, D. C., for respondent.

Before MAJOR, SWAIM and SCHNACKENBERG, Circuit Judges.


SWAIM, Circuit Judge.

This is an appeal from a decision of the Tax Court of the United States which held that Pebble Springs Distilling Co., the petitioner herein, did not sustain a loss which the petitioner claimed resulted from the sale during 1948 of certain of its noninventory assets to another corporation, the Old Peoria Building Corporation, hereafter referred to as Old Peoria. All of the stock of the latter corporation...

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