Weil v. Commissioner of Internal Revenue

SIBLEY, Circuit Judge.

Twelve hundred shares of common stock of the Coca-Cola Company previously belonging to the taxpayer, Adolph Weil, were sold during October and November, 1930, at a large profit above their cost, and the proceeds were put to the credit of his four children on the books of Weil Brothers, a firm of which the taxpayer is a member. He contends that he is not taxable upon this profit as his income, because before the sale he had given the stock to his four minor children and the profit, when realized, was their income. The Board of Tax Appeals concludes its finding of fact…