Estate of Myers v. Commissioner

OPINION.

OppeR, Judge:

These facts, of course, are basically comparable to those in American Light & Traction Co., 42 B. T. A. 1121; affd. (C. C. A., 7th Cir.), 125 Fed. (2d) 365. There are, it is true, certain deviations, as respondent points out. In the present case petitioner’s change of position was not brought to respondent’s attention until the statute had run on the earlier year. And the amount of tax demanded of petitioner would be less if respondent succeeded in this proceeding than would have been due had the original transaction been viewed in what we now know to be the proper light.…