First National Bank v. State Tax Commission

SCHWAB, J. (Pro Tempore).

This is an appeal from a decree of the Oregon Tax Court upholding as modified an income tax deficiency imposed by defendant against plaintiffs. 2 OTR Adv *30Sh 187. The deficiency resulted from an exchange of stock of Engineering Supply Company in return for certain shares of the capital stock of Gabriel Boiler Company, both Oregon corporations, during the calendar year 1956. We hereafter refer to these corporations as Engineering and Boiler respectively. •

William E. Gabriel and Georgie Gabriel were husband and wife. While this litigation was pending, William E. Gabriel…