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COMMISSIONER OF INTERNAL REVENUE v. LINCOLN

Nos. 12935-12937.

242 F.2d 748 (1957)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. Joseph C. LINCOLN and Lesghinka Lincoln, Respondents. COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. Lillian C. LINCOLN, Respondent. COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. John C. LINCOLN and Helen C. Lincoln, Respondents.

United States Court of Appeals Sixth Circuit.

March 1, 1957.

Attorney(s) appearing for the Case

Charles K. Rice, John Potts Barnes, Lee A. Jackson, John N. Stull, Robert N. Anderson, Stanley P. Wagman, Harry Baum and Elmer J. Kelsey, Washington, D. C., for petitioner.

Raymond T. Jackson and Charles D. Leist, Cleveland, Ohio, for respondent.

Before ALLEN, McALLISTER and STEWART, Circuit Judges.

PER CURIAM.

The issue in these cases is whether certain transfers of stock made in connection with the financial rehabilitation of a Florida hotel corporation were sales made indirectly between members of a family within the meaning of section 24(b) (1) (A) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 24(b) (1) (A), so as to preclude deduction of losses from the sales.

The Tax Court concluded that the principles announced in McWilliams v. Commissioner...

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