Gallagher v. Butler

The Commissioner has appeal from the final decree of the chancellors in sustaining the bills to recover taxes paid under protest and assigns error.

All of these cases have been consolidated here by consent and it is agreed that one opinion may be rendered disposing of all matters. Since the facts in each case are slightly different, we find it necessary to set them out, but only in brief form.

1. Complainant Gallagher sold all of his common stock in J. M. Gallagher Company, a Tennessee corporation, a going and continuing concern, to the corporation and realized a substantial monetary gain. The…