Woodruff v. Commissioner of Internal Revenue

HOLMES, Circuit Judge.

In 1934 and in 1935 George Woodruff exchanged Coca-Cola International Corporation stock for' stock in The Coca-Cola Company, and immediately delivered the latter stock in consummation of short sales entered into in previous years. The question for decision is whether the transaction involved an exchange and a sale or whether, by reason of the relative coincidence of time and intent, it should be considered as but one transaction for tax purposes.

The question arose in this way: In 1923 the taxpayer exchanged certain previously acquired stock in The Coca-Cola Company for…