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DAVANT v. C. I. R.

No. 22835.

366 F.2d 874 (1966)

J. E. DAVANT and Kathryn Davant et al., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. COMMISSIONER OF INTERNAL REVENUE v. J. E. DAVANT and Kathryn Davant et al.

United States Court of Appeals Fifth Circuit.

Rehearing Denied October 4, 1966.

Attorney(s) appearing for the Case

Homer L. Bruce, William C. Griffith, Robert J. Piro, Houston, Tex., Baker, Botts, Shepherd & Coates, of counsel, Houston, Tex., for petitioners.

John B. Jones, Jr., Acting Asst. Atty. Gen., Lee A. Jackson, Atty., Dept. of Justice, Mitchell Rogovin, Chief Counsel, Hu S. Vandervort, Atty., I.R.S., C. Moxley Featherston, Acting Asst. Atty. Gen., Fred R. Becker, Harry Baum, Attys., Dept. of Justice, Washington, D. C., for respondent.

Before RIVES and BELL, Circuit Judges, and FULTON, District Judge.

RIVES, Circuit Judge:

The petitioners are persons who claim that the income from the sale of their stock in the South Texas Rice Warehouse Company should be taxed solely as a capital gain. The Tax Court found that a corporate reorganization had taken place and held that at least part of petitioners' income should be taxed as a dividend constituting ordinary income.1 The government took a cross appeal

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