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GORDON v. C. I. R.

No. 17227.

262 F.2d 413 (1958)

David L. GORDON and Clare (Clara) B. Gordon, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. William C. HILDEBRAND, Jr. and Jacqueline Hildebrand, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

December 11, 1958.

Attorney(s) appearing for the Case

Douglas W. McGregor, Houston, Tex. (McGregor, Sewell & Junell, Houston, Tex., of counsel), for petitioners.

Joseph Kovner, James P. Turner, I. Henry Kutz, Lee A. Jackson, Dept. of Justice, Washington, D. C., John M. Morawski, Special Atty., Arch M. Cantrall, Chief Counsel, Internal Revenue Service, Washington, D. C., Charles K. Rice, Asst. Atty. Gen., for respondent.

Before HUTCHESON, Chief Judge, and RIVES and WISDOM, Circuit Judges.

HUTCHESON, Chief Judge.

These petitions for review involve deficiencies in income taxes for the year 1950. They arise out of the determination of the Commissioner, sustained by the Tax Court, 29 T.C. 510, that the lump sum paid petitioners in that year in settlement of the payments remaining due on their employment agreement with Donner Foundation was ordinary income and not, as petitioners had reported it, long term gains from the...

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