PACIFIC VEGETABLE OIL CORP. v. COMMISSIONER OF INT. REV.

No. 15273.

251 F.2d 682 (1957)

PACIFIC VEGETABLE OIL CORPORATION, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Ninth Circuit.

July 8, 1957.


Attorney(s) appearing for the Case

Dudley F. Miller, San Francisco, Cal., William D. Evers, Washington, D. C., for petitioner.

Charles K. Rice, Asst. Atty. Gen., Karl Schmeidler, Sheldon I. Fink, Harry Baum, and Ellis N. Slack, Washington, D. C., for respondent.

Before ORR, POPE and FEE, Circuit Judges.


ORR, Circuit Judge.

Pacific Vegetable Oil Corporation, hereafter petitioner, in 1949 owned 40.4% of the outstanding stock of a corporation known as Western Vegetable Oil, Inc., hereafter Western.

In October, 1949, petitioner, together with other stockholders offered to sell to Western certain of its (Western's) capital stock. The offer was accepted. The minutes of the meeting of Western's Board of Directors in which the offer was accepted merely stated that...

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