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WALTHAM NETOCO THEATRES, INC. v. C. I. R.

No. 7132.

401 F.2d 333 (1968)

WALTHAM NETOCO THEATRES, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals First Circuit.

October 9, 1968.

Attorney(s) appearing for the Case

William Shelmerdine, Jr., Boston, Mass., with whom Robert W. Meserve, John K. P. Stone, III, and Nutter, McClennen & Fish, Boston, Mass., were on the brief, for petitioner.

Lester B. Snyder, Atty., Dept. of Justice, with whom Mitchell Rogovin, Asst. Atty. Gen., and Lee A. Jackson and Meyer Rothwacks, Attys., Dept. of Justice, were on the brief, for respondent.

Before ALDRICH, Chief Judge, McENTEE and COFFIN, Circuit Judges.

McENTEE, Circuit Judge.

The question raised by this petition for review is whether the Tax Court erred in holding that the gain derived from a sale of all the stock in petitioner's wholly owned subsidiary was taxable to petitioner. There is no dispute as to the relevant underlying facts. Only the Tax Court's conclusions are questioned.1

Petitioner was an affiliate of a corporate group whose principal business was the management...

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