Staub Coal Co. v. Commissioner

*585OPINION.

MuRdock:

Counsel for the petitioner has made no oral argument of his case and has filed no brief. At the hearing he contended that Werner transferred the lease to the petitioner for $21,500 of its capital stock, the lease was worth $21,500, and the company paid that for it in its stock. In the petition a somewhat different allegation appears, to wit, that Werner entered into an agreement for the execution of a lease on very favorable terms and upon the organization of the petitioner had the lease executed to that company. The *586facts are that the petitioner entered into the lease…