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SHULL v. C. I. R.

No. 7884.

271 F.2d 447 (1959)

Frank T. SHULL and Ann R. Shull, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided October 20, 1959.

Attorney(s) appearing for the Case

Raymond F. Garrity, Washington, D. C. (Carl A. Phillipps, Washington, D. C., on brief), for Petitioners.

Arthur I. Gould, Atty., Dept. of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson and Robert N. Anderson, Attys., Dept. of Justice, Washington, D. C., on brief), for respondent.

Before SOBELOFF, Chief Judge, and HAYNSWORTH and BOREMAN, Circuit Judges.

HAYNSWORTH, Circuit Judge.

The question is whether the taxpayers are bound by their election to have their gain upon the liquidation of a closely held corporation recognized and taxed pursuant to the provisions of § 112 (b) (7) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 112(b) (7). The taxpayers contend that the proceedings did not meet the requirements of § 112(b) (7), and that, in any event, their election was filed under a mistake of material...

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