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CLARKE v. WELCH

46 F.2d 563 (1930)

CLARKE v. WELCH, Collector of Internal Revenue (two cases).

District Court, S. D. California, Central Division.

November 19, 1930.

Attorney(s) appearing for the Case

Claude I. Parker and Ralph W. Smith, both of Los Angeles, Cal., for plaintiff.

Samuel W. McNabb, U. S. Atty., of Los Angeles, Cal. (Ignatius F. Parker, Asst. U. S. Atty., of Los Angeles, Cal., of counsel), C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Richard W. Wilson, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for defendant.

HAZEL, District Judge.

The single question submitted is whether the 250 shares of stock received by Mrs. Clarke and her husband, respectively, on April 24, 1923, possessed a readily realizable market value, as that term is defined by the Revenue Act of 1921 (section 202, subd. c, 42 Stat. 230). There is no question as to the intendment of the statute, or regulations pertaining thereto, which, I conceive, contemplates that property, real, personal, or mixed, shall...

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