Howard v. Commissioner

TURNER, J.,

dissenting: I am unable to agree with the conclusion that the settlement evidenced by the agreement dated March 7, 1930, was a taxable exchange. In my opinion, the settlement was an agreed division of the property of parties looking to a divorce, and was not a transaction which would give rise to taxable income or a deductible loss. I accordingly note my dissent.

Murdock and Pierce, JJ., agree with this dissent.