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COMMISSIONER OF INTERNAL REV. v. OGSBURY'S ESTATE

No. 319, Docket 24975.

258 F.2d 294 (1958)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. ESTATE of James S. OGSBURY, deceased, Florence N. Ogsbury, Executrix, and Florence N. Ogsbury, Surviving Wife, Respondents.

United States Court of Appeals Second Circuit.

Decided July 16, 1958.

Attorney(s) appearing for the Case

Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Joseph F. Goetten, Kenneth E. Levin, Attorneys, Department of Justice, Washington, D. C., for petitioner.

Harman Hawkins, New York City (Duer, Strong & Whitehead, Ernest D. Fiore, Jr., New York City, of counsel), for respondents.

Before CLARK, Chief Judge, and LUMBARD and WATERMAN, Circuit Judges.

WATERMAN, Circuit Judge.

The Commissioner seeks reversal of a decision of the Tax Court, 28 T.C. 93, which set aside an income tax deficiency assessed by him against the taxpayer for the year 1948. The sole question thus presented is whether an employee received income in respect of a stock option granted him by his employer in the year that he exercised the option, 1945, or whether he received...

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