Williams v. Commissioner of Internal Revenue

BOOTH, Circuit Judge.

This is a petition to review an order of the Board of Tax Appeals which redetermined the deficiency of the petitioner’s income tax for the year 1925. The facts loading up to the order are substantially as follows: Petitioner is a resident of Duluth, Minn. November 4, 1918, his wife died testate, leaving an estate which included among *468its assets 827 shares of the capital stock of the Red Cliff Land & Lumber Company, Limited (herein called the Red Cliff Company), of which the petitioner received as his share 275% shares. The Red Cliff Company prior to April, 1918, was the…