C.I.R. v. MORGAN

No. 16395.

272 F.2d 936 (1959)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. J. I. MORGAN and Frances Morgan, Respondents.

United States Court of Appeals Ninth Circuit.

December 11, 1959.


Attorney(s) appearing for the Case

Charles K. Rice, Asst. Atty. Gen., Joseph Kovner, Lee A. Jackson, I. Henry Kutz, Attorneys, Department of Justice, for petitioner.

Carl E. Davidson, Charles P. Duffy, Portland, Or., for respondent.

Before STEPHENS, POPE and HAMLIN, Circuit Judges.


POPE, Circuit Judge.

The facts which concern this review are set forth in the Findings of Fact of the Tax Court as follows:

"On or about August 10, 1937, J. I. Morgan acquired an `Accumulative Investment Certificate,' Series F.-232668, from Investors Syndicate (presently known as Investors Diversified Services, Inc.) of Minneapolis, Minnesota. Under the terms of the certificate, the issuing company agreed to pay to Morgan (with certain options) at the expiration...

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