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MacDONALD v. COMMISSIONER OF INTERNAL REVENUE

No. 11419.

230 F.2d 534 (1956)

Harold E. MacDONALD and Marian B. MacDonald, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Seventh Circuit.

February 13, 1956.

Attorney(s) appearing for the Case

Peter B. Atwood, Chicago, Ill., Walker, Atwood, Zukowski & McFarland, Chicago, Ill., of counsel, for petitioners.

H. Brian Holland, Asst. Atty. Gen., Joseph F. Goetten, Atty., Tax Division, U. S. Dept. of Justice, Washington, D. C., Ellis N. Slack, Atty., Dept. of Justice, Washington, D. C., for respondent.

Before MAJOR, SWAIM and SCHNACKENBERG, Circuit Judges.

MAJOR, Circuit Judge.

This case is here on a petition to review a decision of the Tax Court, entered January 11, 1955, sustaining an asserted deficiency in the income tax of Harold E. MacDonald and Marian B. MacDonald for the taxable year 1949, in the amount of $102,732.30. The Tax Court in sustaining the deficiency as asserted by the Commissioner held that a stock option granted in 1948 by Household Finance Corporation (referred to as Household) to petitioner, Harold...

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