Prescott v. Commissioner

SIBLEY, Circuit Judge.

W. R. Prescott and Mrs. W. R. Prescott in 1929 exchanged 400 shares of common stock in Coca-Cola International Corporation for 800 shares of common stock of Coca-Cola Company. They sold part of the shares received, and, realizing a gain thereby, paid a tax thereon. They have been assessed additionally for a corresponding gain in respect to the shares they did not sell. *4The relationship of the two corporate stocks involved is stated in Bancker v. Commissioner (C. C. A.) 76 F.(2d) 1, just decided. This case differs from that, in that the Prescotts dealt with their own…