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HELVERING v. N.Y. TRUST CO.

No. 873.

292 U.S. 455 (1934)

54 S.Ct. 806

78 L.Ed. 1361

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. NEW YORK TRUST CO., TRUSTEE.

Supreme Court of United States.

Decided May 28, 1934.

Attorney(s) appearing for the Case

Mr. Erwin N. Griswold, with whom Solicitor General Biggs, Assistant Attorney General Wideman, Mr. James W. Morris, and Miss Helen R. Carloss were on the brief, for the Commissioner of Internal Revenue.

Mr. Chauncey Newlin, with whom Messrs. J. DuPratt White and Russell D. Morrill were on the brief, for the New York Trust Co., Trustee.

MR. JUSTICE BUTLER delivered the opinion of the Court.

This controversy arises out of the calculation of an income tax on the gain realized on the sale of property by a trustee in 1922. April 27, 1906, one Matthiessen acquired 6,000 shares of stock at a cost of $141,375. Its value on March 1, 1913, was less than cost. December 4, 1921, desiring to make provision for his son, Erard, he transferred the stock to the New York...

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