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PAINE v. COMMISSIONER OF INTERNAL REVENUE

Nos. 15332, 15333.

236 F.2d 398 (1956)

F. Rodney PAINE and Anna H. Paine, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. Cecil B. MYERS TRUST u/w Lucy Myers, Deceased, Cecil B. Myers, James S. Matteson and Northern Minnesota National Bank, Trustees, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Eighth Circuit.

July 10, 1956.

Attorney(s) appearing for the Case

John W. Hughes, Chicago, Ill. (John E. Hughes and Harold R. Burnstein, Chicago, Ill., with him on the brief), for petitioners.

David O. Walter, Atty., Department of Justice, Washington, D. C. (H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack and Hilbert P. Zarky, Attys., Department of Justice, Washington, D. C., with him on the brief), for respondent.

Before WOODROUGH, JOHNSEN and VOGEL, Circuit Judges.

JOHNSEN, Circuit Judge.

The Tax Court held, 23 T.C. 391, that each of two unrelated trusts had derived ordinary income, and not capital gain as reported in their tax returns, from sales of similar notes made by them in the years 1947, 1948 and 1949. Both situations, in their tax consequence, are before us on petitions to review the Tax Court's decision.

Such differences in details as exist between the two situations are admittedly...

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