Case Name: Morris SHANIS and Beckie Shanis, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Court: United States Court of Appeals for the Third Circuit
Jurisdiction: United States
Decision Date: 1954-06-01
Citations: 213 F.2d 151
Docket Number: Nos. 11286, 11287
Parties: Morris SHANIS and Beckie Shanis, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.
Judges: 
Reporter: Federal Reporter 2d Series
Volume: 213
Pages: 151–151

Head Matter:
Morris SHANIS and Beckie Shanis, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.
Nos. 11286, 11287.
United States Court of Appeals Third Circuit.
Argued May 18, 1954.
Decided June 1, 1954.
Leonard Sarner, Philadelphia, Pa. (Wolkin, Sarner & Cooper, Philadelphia, Pa., on the brief), for petitioners.
Karl Schmeidler, Washington, D. C. (H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, Lee A. Jackson, Sp. Assts. to Atty. Gen., on the brief), for respondent.
Before McLAUGHLIN, STALEY and HASTIE, Circuit Judges.

Opinion:
PER CURIAM.
The first question presented is whether petitioners' partnership on the settlement of sell and buy contracts of "when issued" securities realized a net short-term capital gain as found by the Tax Court or a long-term capital gain and a short-term capital loss as urged by petitioners
We find ample factual basis in the record for the Tax Court's conclusion that what took place on the settlement date was a sa]e ancj exchange not of the contract rights but of the securities involved which resulted in a short-term capital transaction.
The second question concerns the re-computations of taxpayers deficiencies. We think that these were properly calculated under Rule 50 of the rules of that court. They were the direct consequence " , m ^ , of the Tax Court s findings and opinion , , and made necessary by the differences between those findings and opinion and the earlier determination by the Corn-missioner. They did not constitute new issues.
The decisions of the Tax Court, 19 T.C. 641, will be affirmed.