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KOLKEY v. COMMISSIONER OF INTERNAL REVENUE

Nos. 12126, 12127.

254 F.2d 51 (1958)

Emanuel N. (Manny) KOLKEY and Pauline Kolkey, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. BARNET PEREL and Bertha Perel, Maurice L. Cowen and Rosalie Cowen, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Seventh Circuit.

April 17, 1958.

Attorney(s) appearing for the Case

James W. Breen, Samuel E. Hirsch, Chicago, Ill., for petitioner.

Charles K. Rice, Asst. Atty. Gen., Louise Foster, Atty., Tax Division, U. S. Department of Justice, Washington, D. C., Lee A. Jackson, Harry Baum, Attys., Department of Justice, Washington, D. C., for respondent.

Before FINNEGAN and HASTINGS, Circuit Judges, and WHAM, District Judge.

FINNEGAN, Circuit Judge.

Claiming their transactions detailed by the Tax Court in an opinion reported as Kolkey v. C. I. R., 1956, 27 T.C. 37, was a sale of stock and consequently the derivative profits are taxable on the basis of an installment capital gain, taxpayers ask for reversal of that Court's final order and suspension of deficiencies assessed against each of them.1 Our study of the bundle of documentary...

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