STOUT v. C. I. R.

No. 7892.

273 F.2d 345 (1959)

Joe W. STOUT and Eudora H. Stout, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided December 29, 1959.


Attorney(s) appearing for the Case

N. A. Townsend, Jr., and Herman Wolff, Jr., Raleigh, N. C. (J. O. Tally, Jr., Fayetteville, N. C., Poyner, Geraghty, Hartsfield & Townsend, Raleigh, N. C., and Tally, Tally & Taylor, Fayetteville, N. C., on the brief), for petitioners.

Rita E. Hauser, Atty., Dept. of Justice, Washington, D. C. (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 SOPER, HAYNSWORTH and BOREMAN, Circuit Judges.


HAYNSWORTH, Circuit Judge.

Whether the taxpayers received a constructive dividend is the principal question. The Tax Court resolved it against the taxpayers upon a determination that the taxpayers had failed to prove that they had not received such a dividend. We think the case must be reversed upon the ground that the Commissioner has failed to prove that they did.

I.

The taxpayer, Joe W. Stout, was the owner of 63 shares of the common stock of...

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