Langstaff v. Lucas

After considering carefully the reasons urged against it, we feel satisfied to affirm the judgment (9 F.[2d] 691), and we do so upon the reasoning and conclusions of the District Judge. Although the half interest in the corporate assets which came to Langstaff was within the broad definition of “dividend” in section 201 (a), being Comp. St. Ann. Supp. 1919, § 6336%b, yet the transaction was the very one specifically provided for in the last sentence of section 201 (e), and the half interest became the proceeds of the sale of Langstaff’s stock in the corporation, instead of a corporate…