United States v. State Street Trust Co.

MAHONEY, Circuit Judge.

The original plaintiff, hereinafter called •the taxpayer, brought this action to recover income taxes for the year 1930, alleging that the taxes had been assessed and collected illegally on the ground that the Commissioner improperly determined that a certain exchange of stock had resulted in the realization of a capital gain under Section 111(a) of the Revenue Act of 1928, c. 852, 45 Stat. 791, 26 U.S.C.A. Int.Rev.Code, § 111(a). The present •plaintiff is the taxpayer’s executor. The ■district court held that no gain had been •realized on the transaction since the…