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BURGE v. COMMISSIONER OF INTERNAL REVENUE

No. 7557.

253 F.2d 765 (1958)

Raymond G. BURGE and Kathleen E. Burge, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided March 3, 1958.

Attorney(s) appearing for the Case

Leon L. Rice, Jr., Winston-Salem, N. C. (C. W. Womble, and Womble, Carlyle, Sandridge & Rice, Winston-Salem, N. C., on the brief), for petitioners.

Thomas N. Chambers, Atty., Dept. of Justice, Arlington, Va. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson and Harry Baum, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before PARKER, Chief Judge, SOBELOFF, Circuit Judge, and WARLICK, District Judge.

PARKER, Chief Judge.

This is a petition to review a decision of the Tax Court which upheld determinations by the Commissioner of Internal Revenue of deficiencies in income taxes for the years 1950 and 1951. The Commissioner had assessed the deficiencies upon a finding that gains from the redemption and sale of stock reported by taxpayer as capital gains were taxable as ordinary income, basing his action upon the ground that the corporation was a "collapsible corporation...

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