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STEINBACH KRESGE CO. v. STURGESS

Nos. 2672, 3052.

33 F.Supp. 897 (1940)

STEINBACH KRESGE CO. v. STURGESS, Collector of Internal Revenue (two cases).

District Court, D. New Jersey.

June 28, 1940.

Attorney(s) appearing for the Case

Wall, Haight, Carey & Hartpence, Thomas G. Haight, all of Jersey City, N. J., Robert H. Montgomery and James O. Wynn, both of New York City, and Alan B. Pinkerton and F. W. Schumann, both of Jersey City, for plaintiff.

John J. Quinn, U. S. Atty., and B. Thorn Lord, Asst. U. S. Atty., both of Trenton, N. J., Samuel O. Clark, Jr., Asst. Atty. Gen., and Andrew D. Sharpe and Lester L. Gibson, Sp. Assts. to Atty. Gen., for defendant.

CLARK, District Judge.

The case at bar suggests the familiar difficulty of applying a statute phrased in terms of economic common places to an economically unique transaction. The statute is that which allows corporations a deduction from gross income of "losses sustained during the taxable year".1 The transaction is a modern variant of the traditional family settlement whereby an aging parent transfers Blackacre to his offspring, receiving...

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