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CHARLES DREIFUS CO. v. UNITED STATES

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF PENNSYLVANIA


March 16, 1956

CHARLES DREIFUS COMPANY, a corporation
v.
UNITED STATES of America. Walter S. GATES and Pauline Gates, his wife v. UNITED STATES of America. Hiram WINTERNITZ, Jr. v. UNITED STATES of America

The opinion of the court was delivered by: GANEY

This case involves three consolidated actions to recover assessed income tax deficiencies paid under protest. The bases for the assessments were the Commissioner of Internal Revenue's disallowances of (1) long term capital gains reported by the individual taxpayers which the Commissioner considered as being in substance dividends received by them, and (2) a capital loss on the ground that actually no loss was sustained because the corporate taxpayer had purchased and sold the shares for the same price, and that the additional claimed cost was the dividend received by two of the individual taxpayers. The taxpayers' motions for summary judgment raise the question, on the facts submitted to us, of the correctness of the disallowances.

The claimed gains and loss arose from the transfer of stock of the Dreifus Steel Corporation. In each instance the corporate taxpayer was on the conveying or receiving end of the transfers. From the averments of the complaints, answers, stipulation, depositions and affidavits, the facts are taken to be as follows: 1. The Charles Dreifus Company ('Company') was organized in 1936 and thereafter engaged in the business of buying and selling scrap metals. The outstanding stock, consisting of 1,000 shares, in the Company was owned as follows: Hiram Winternitz, Jr. 167 Mrs. Hiram Winternitz, Jr. 500 Walter S. Gates 83 Mrs. Walter S. Gates 250

19560316

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