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TAFT v. BOWERS

Nos. 16 and 17.

278 U.S. 470 (1929)

49 S.Ct. 199

73 L.Ed. 460

TAFT v. BOWERS, COLLECTOR OF INTERNAL REVENUE. GREENWAY v. SAME.

Supreme Court of United States.

Reargued October 9, 1928.

Decided February 18, 1929.

Attorney(s) appearing for the Case

Mr. Henry W. Taft, with whom Mr. Clarence Castimore was on the brief, for petitioner in No. 16.

Mr. Hiram C. Todd, with whom Mr. Roger S. Baldwin was on the brief, for petitioner in No. 17.

Assistant Attorney General Mabel Walker Willebrandt and Mr. Edwin G. Davis, with whom Solicitor General Mitchell, and Messrs. Sewall Key and J. Louis Monarch were on the brief, for respondent.

MR. JUSTICE McREYNOLDS delivered the opinion of the Court.

Petitioners, who are donees of stocks, seek to recover income taxes exacted because of advancement in the market value of those stocks while owned by the donors. The facts are not in dispute. Both causes must turn upon the effect of paragraph (2), § 202, Revenue Act, 1921, (c. 136, 42 Stat. 227) which prescribes the...

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