Lincoln Bank & Trust Co. v. COMMISSIONER OF I. REVENUE

HICKENLOOPER, Circuit Judge.

The petition for review in the above-entitled cause involves the question of taxable income arising from the acquisition of leases of the Southwestern Petroleum Company and the Cliff Petroleum Company by the Old Dominion Oil Company, and the issue of capital stock of the latter company to the taxpayer, as incident to such transaction. This question was fully covered by our decision in the case of R. V. Board v. Commissioner, 51 F.(2d) 73, this day delivered, and the order of the Board of Tax Appeals upon this issue is reversed upon the authority of that decision.

The…