Lewis v. City of Racine

The following opinion was filed November 8, 1922:

■ Owen, J.

On the 16th day of July, 1916, the plaintiffs sold certain shares of the corporate stock of the Mitchell-Lewis Motor Company owned by them on and prior to January 1, 1911. If the amount realized, on the sale was greater than the fair market value of the property as of January 1, 1911, plaintiffs are required to pay an income tax upon such profit or gain under the provisions of the income tax act, sec. 71.02, Stats. The board of review held there was such a profit, and these appeals present the narrow question whether in any reasonable…