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CAREY v. JONES

Nos. 13255, 13256.

250 F.2d 481 (1958)

Thomas M. CAREY, Collector of Internal Revenue, Appellant, v. Robert JONES, Administrator of Estate of Alma R. Jones, deceased, Appellee. UNITED STATES of America, Appellant, v. Ben M. COBEN, Appellee.

United States Court of Appeals Sixth Circuit.

January 2, 1958.

Attorney(s) appearing for the Case

Harlan Pomeroy, Washington, D. C., for appellants, Charles K. Rice, Asst. Atty. Gen., A. F. Prescott and Sumner Canary, Cleveland, Ohio, on the brief.

Lawrence R. Bloomenthal, Cleveland, Ohio, for appellees, Herbert Zipkin, Cleveland, Ohio, on the brief.

Before ALLEN and McALLISTER, Circuit Judges, and LEVIN, District Judge.

PER CURIAM.

This case involves the question whether gain realized by taxpayers from receipt of corporate stock in exchange for stock in another corporation must be recognized under Section 112(a) and (b) (3) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 112(a), (b) (3). The district court held that the exchange was tax free and granted taxpayers' petition for refund.

Appellee taxpayers were shareholders in the W. B. Davis Company, an Ohio corporation...

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