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BRATTON v. C. I. R.

Nos. 14062-14067.

283 F.2d 257 (1960)

O. D. BRATTON et al., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. O. D. BRATTON and Dorothy Bratton, Respondents. COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. J. Ross HOLCOMB, Jr., Respondent. COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. Frank A. CONKLING and Eula W. Conkling, Respondents. COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. James A. HOLCOMB and Lou H. Holcomb, Respondents. COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. Nolah D. HOLCOMB, Respondent.

United States Court of Appeals Sixth Circuit.

October 31, 1960.

Attorney(s) appearing for the Case

Lowell W. Taylor, Memphis, Tenn. (Hubert A. McBride and John J. Doggett, Jr., Memphis, Tenn., on the brief), for O. D. Bratton.

Arthur I. Gould, Dept. of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, — A. F. Prescott and Arthur I. Gould, Attys., Dept. of Justice, Washington, D. C., on the brief), for Commissioner of Internal Revenue.

Before MILLER, CECIL and WEICK, Circuit Judges.

PER CURIAM.

The controversy here involves the tax consequences of distributions made to the shareholder-creditors of a closed corporation, upon its dissolution and liquidation. The shareholders were creditors in varying amounts for salaries and commissions owing to them by the corporation.

In the liquidation, the corporation undertook to distribute assets to its shareholders for their capital interests prior to the satisfaction of their claims as creditors...

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