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WEBSTER INVESTORS, INC. v. C. I. R.

No. 317, Docket 26751.

291 F.2d 192 (1961)

WEBSTER INVESTORS, INC. (Successor by Merger to Webster Investment Company, Inc), Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided June 9, 1961.

Attorney(s) appearing for the Case

David G. Sacks, New York City (Simpson, Thacher & Bartlett, and J. Daniel Mahoney, New York City, on the brief), for petitioner.

Earl J. Silbert, Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Dept. of Justice, Washington, D. C., and Harry Baum, Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before FRIENDLY and SMITH, Circuit Judges, and WATKINS, District Judge.

WATKINS, District Judge.

This is a petition for review of a decision of the Tax Court of the United States. The case involves the amount of a capital loss for income tax purposes for the calendar year 1954, and deals with a transaction which took place in 1952. Two questions are presented by the petition for review:

1. Was the Tax Court's finding of the 1916 value of a cigar brand name, "Henrietta," sold by taxpayer in 1952 at a claimed loss, clearly erroneous...

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