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MADISON FUND, INC. v. C.I.R.

Nos. 15589, 15590.

365 F.2d 471 (1966)

MADISON FUND, INC. (Formerly The Pennroad Corporation), Petitioner, v. COMMISSIONER OF INTERNAL REVENUE (two cases).

United States Court of Appeals Third Circuit.

Reargued June 10, 1966.

Decided July 26, 1966.

Rehearing Denied August 24, 1966.

Attorney(s) appearing for the Case

Charles S. Jacobs, Philadelphia, Pa. (William R. Spofford, Robert E. McQuiston, Ballard, Spahr, Andrews & Ingersoll, Philadelphia, Pa., on the brief), for petitioner.

Albert J. Beveridge, III, Atty., Dept. of Justice, Tax Div., Washington, D. C. (Richard M. Roberts, Acting Asst. Atty. Gen., Lee A. Jackson, Melva M. Graney, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before STALEY, Chief Judge, and McLAUGHLIN, KALODNER, HASTIE, GANEY, SMITH and FREEDMAN, Circuit Judges.

OPINION OF THE COURT

HASTIE, Circuit Judge.

The petitioning taxpayer, Madison Fund, Inc., — formerly The Pennroad Corporation — is contesting Tax Court decisions, 43 T.C. 215, determining deficiencies in its income tax for the taxable years 1956, 1958 and 1960. The matter in dispute is the computation of gain or loss upon the taxpayer's sales of securities from time to time between 1952 and 1960.

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