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KAISER v. GLENN

No. 12074.

216 F.2d 551 (1954)

Edward F. KAISER, Appellant, v. Seldon R. GLENN, Collector of Internal Revenue, Appellee. Ruth M. KAISER, Appellant, v. Seldon R. GLENN, Collector of Internal Revenue, Appellee. Yancey Lee CUMMINS, Appellant, v. Seldon R. GLENN, Collector of Internal Revenue, Appellee.

United States Court of Appeals Sixth Circuit.

October 21, 1954.

Attorney(s) appearing for the Case

Oldham Clarke, James M. Cuneo-McElwain, Dinning, Clarke & Winstead, Louisville, Ky., for Yancey Lee Cummins.

Ernest Woodward II, Woodward, Hobson & Fulton, Louisville, Ky., for Edward F. and Ruth M. Kaiser.

S. Dee Hanson, Washington, D. C. (H. Brian Holland, Ellis N. Slack, Fred E. Youngman, Washington, D. C., J. Leonard Walker, Louisville, Ky., on the brief), for appellee.

Before ALLEN, McALLISTER, and MILLER, Circuit Judges.

PER CURIAM.

The issue in this case is whether a certain contract of sale between partners and a corporation resulted in a sale of their partnership interests or a sale of partnership assets. It is agreed that if the sale were of partnership assets, the gain would be taxable to the partners as ordinary income; if the sale were of partnership interests, the gain would be taxable as capital gain under Section 117 of the Internal...

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