Peerless Inv. Co. v. Commissioner

DENMAN, Circuit Judge.

The petitioner herein seeks a review of a decision of the United States Board of Tax Appeals finding a deficiency in petitioner’s 1929 income tax of $2,728.92 and denying his claim for refund of $5,688.91, the tax already paid for the year in question.

In 1928 one William L. James, acting on behalf of the Pacific Stages Company, an Oregon corporation, and on behalf of all its stockholders, of which he was one, sold to the Southern Pacific Motor Transport Company, a competitor, an option to purchase the entire stock of Pacific Stages. The consideration for the sale was to…