Milliken v. Commissioner of Internal Revenue. Commissioner of Internal Revenue v. Milliken

CLARK, Circuit Judge.

Both the taxpayer, Seth M. Milliken, and the Commissioner of Internal . Revenue have appealed from a decision of the Tax Court, 15 T.C. 243, finding an overpayment by the taxpayer of $28,805.83 in his income and victory taxes for the year 1943. The transactions giving rise to the two disputed issues on taxpayer’s appeal are as follows: In 1922, his brother, Gerrish H. Milliken, contracted to buy the taxpayer’s shares of stock in Cotwool Securities Corporation — or, as it was later called, Cotwool Manufacturing Corporation — at current book value at any time the taxpayer…