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McEWAN v. COMMISSIONER OF INTERNAL REVENUE

No. 210, Docket 24201.

241 F.2d 887 (1957)

Allerton J. McEWAN, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided March 7, 1957.

Attorney(s) appearing for the Case

Albert L. Solodar, New York City, (Philip J. Smith, Englewood, N. J., Wechsler & Solodar, New York City, of counsel, on the brief), for petitioner.

Charles K. Rice, Asst. Atty. Gen. (Lee A. Jackson and Sander W. Shapiro, Attorneys, Department of Justice, Washington, D. C., of counsel, on the brief), for respondent.

Before HINCKS, LUMBARD and WATERMAN, Circuit Judges.

PER CURIAM.

The issue on appeal is whether the Tax Court's finding as to the fair market value of the stock at the time of its acquisition in 1937 was clearly erroneous.

In 1937 taxpayer inherited from his grandfather 87½ shares of stock of McEwan Brothers, a closely held family corporation in the business of manufacturing paperboard. He also acquired on or about the day of his grandfather's death 1½ shares from his brother and 1 share from his mother...

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