First Nat. Bank & Trust Co. Of Montclair v. Manning

GOODRICH, Circuit Judge.

This case involves the question of income taxation under the Act of 1940. The executors of the estate of William J. Wells have paid the disputed tax and sue to get it back on the ground that the assessment of the tax was not in accordance with law. The collector won in the District Court of New Jersey and the executors appeal.

The case grows out of undisputed facts. Mr. Wells was the former president of L. Bamberger & Company, a well-known merchandising firm of Newark, New Jersey. A contract was made between him and Bamberger & Company on February 1, 1939. By its terms…