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AUGUST v. C. I. R.

Nos. 12825-12829.

267 F.2d 829 (1959)

Elizabeth M. AUGUST (Formerly Elizabeth Magen), Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. Sam MADWAY and Theresa Madway (Husband and Wife), Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. Ralph K. MADWAY and Bette D. Madway (Husband and Wife), Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. Jacob MARGOLIS and Pauline Margolis (Husband and Wife), Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. Harry K. MADWAY and Beatrice B. Madway (Husband and Wife), Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Third Circuit.

Decided June 12, 1959.

Attorney(s) appearing for the Case

Fred L. Rosenbloom, Philadelphia, Pa. (Schnader, Harrison, Segal & Lewis; Blank, Rudenko, Klaus & Rome; Thomas P. Glassmoyer and Barton E. Ferst, Philadelphia, Pa., on the brief), for petitioners.

George W. Beatty, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Attorneys, Department of Justice, Washington, D. C., on the brief), for respondent.

Before McLAUGHLIN, KALODNER and STALEY, Circuit Judges.

STALEY, Circuit Judge.

We are presented on this appeal with the not uncommon question whether the gain realized by the shareholders of a corporation upon a partial redemption of their stock is taxable as long-term capital gain, or is taxable as ordinary income under the provisions of Section 117(m) of the Internal Revenue Code of 1939, 26 U.S.C.A. (I.R.C.1939) § 117(m), the collapsible corporation section.

The facts as found by the Tax Court were stipulated...

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