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SCHAEFER v. WELCH

No. 13184.

252 F.2d 175 (1958)

James G. SCHAEFER, Appellant, v. Russell A. WELCH, District Director of Internal Revenue, Appellee.

United States Court of Appeals Sixth Circuit.

February 19, 1958.

Attorney(s) appearing for the Case

Joseph S. Platt, Columbus, Ohio, (Charles Goodwin, Jr., New York City, on the brief, Porter, Stanley, Treffinger & Platt, Columbus, Ohio, of counsel), for appellant.

Arthur I. Gould, Washington, D. C., (Charles K. Rice, Ellis N. Slack, Robert N. Anderson, Dept. of Justice, Washington, D. C., Hugh K. Martin and Richard H. Pennington, U. S. Attys., Cincinnati, Ohio, on the brief), for appellee.

Before STEWART, Circuit Judge, and BOYD and LEVIN, District Judges.

STEWART, Circuit Judge.

The facts in this tax case are undisputed and, except in broad outline, unimportant. The amount of money involved is trivial. Only one question is presented for decision. The question, however, is a new one: Under the Internal Revenue Code of 1939 was a liquidating distribution, paid by a corporation out of appreciation in the value of its property which accrued before March 1, 1913, wholly exempt from income taxation when received by the shareholders...

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