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DORSEY CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 7630.

76 F.2d 339 (1935)

DORSEY CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

March 27, 1935.

Attorney(s) appearing for the Case

Eugene P. Locke and Adair Dyer, both of Dallas, Tex., for petitioner.

Frank J. Wideman, Asst. Atty. Gen., Joseph M. Jones, Sewall Key, and Norman D. Keller, Sp. Assts. to Atty. Gen., and Robert H. Jackson, Asst. Gen. Counsel, Bureau of Internal Revenue, and John D. Kiley, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before BRYAN, SIBLEY, and HUTCHESON, Circuit Judges.

SIBLEY, Circuit Judge.

The Dorsey Company was held by the Board of Tax Appeals to have realized a gain in the year 1928 by a sale that year to the testamentary trustees of the estate of its recently deceased majority stockholder of a building in the city of Dallas, Tex., which housed its plant. It took a lease back on it. The depreciated cost of the building was $162,000. The consideration recited in the deed was $162,000...

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