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SMITH'S ESTATE v. C. I. R.

Nos. 13466, 13467.

292 F.2d 478 (1961)

ESTATE OF Thalia E. Graff SMITH, Deceased, Sylvester C. Smith, Jr., Executor, and Sylvester C. Smith, Jr., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. Mark G. ANTON and Adele B. Anton, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Third Circuit.

Decided June 30, 1961.

Attorney(s) appearing for the Case

Samuel J. Foosaner, Newark, N. J. (Foosaner, Saiber & Schlesinger, Newark, N. J., on the brief), for petitioners.

Charles B. E. Freeman, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, A. F. Prescott, Attorneys, Department of Justice, Washington, D. C., on the brief), for respondent.

Before GOODRICH, McLAUGHLIN and HASTIE, Circuit Judges.

HASTIE, Circuit Judge.

On April 17, 1953, the directors of a personal holding company, a New Jersey corporation, declared a dividend to be paid on May 10, 1953, to the stockholders then of record. On May 9, 1953, the principal stockholders gave certain shares of their stock to their several children. Thereafter, the May 10th distribution of dividends on those shares was made to the children, who reported the amounts thus...

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