Commissioner of Internal Revenue v. Kolb

DENMAN, Circuit Judge.

This is a review, on the petition of the Commissioner of Internal Revenue, of a decision by the Board of Tax Appeals holding the Commissioner had improperly assessed a tax upon what the Commissioner contends was a taxable gain resulting from the exchange of certain stock of the General Baking Corporation of Maryland (hereinafter called the Maryland Corporation) held by the respondent Kolb for stock and securities, certain debenture bonds of the General Baking Company of New York (hereinafter called the New York Company) and certain money. The exchange was the…