First Nat. Bank v. United States

JOYCE, District Judge.

This is a suit’ for the recovery of internal revenue taxes. Plaintiff is the executor of the estate of Edward Dawson Brande, the taxpayer. In 1938 taxpayer was the owner of 212% shares of the preferred and 1,000 shares of the class A stock of Central Public Utility Corporation. The total cost to taxpayer and his father, through whom some shares were obtained as gifts, was $25,200. The shares were purchased in Central Public Service Corporation, which was reorganized in 1932 and the stock exchanged for that in the present corporation. The corporation is principally…