Lee v. Commissioner

WILSON, Circuit Judge.

This is a petition for review of a decision of the Board of Tax Appeals. The main issue is the same as that involved in the case of First National Bank of Boston et al. v. United States, 76 F.(2d) 200, decided by this court on March 9, 1935. There was a sale of securities by a residuary legatee in 1929, more than two years after the death of the testator, but less than two years from the date of distribution. The Commissioner assessed the gain in accordance with section 113 (a) (5) of the Revenue Act of -1928 (26 USCA § 2113 (a) (5), -but held it was not a capital gain,…