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TIMANUS v. C. I. R.

No. 8036.

278 F.2d 297 (1960)

G. Loutrell TIMANUS and Helen Timanus, his wife, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided April 28, 1960.

Attorney(s) appearing for the Case

D. Sylvan Friedman and Joshua W. Miles, Baltimore, Md., for petitioners.

Lloyd J. Keno, Attorney, Department of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., and Lee A. Jackson and Robert N. Anderson, Attorneys, Department of Justice, Washington, D. C., on brief), for respondent.

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

SOBELOFF, Chief Judge.

The Commissioner of Internal Revenue denied the taxpayers' claim to the benefits of Section 44(b) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 44 (b),1 which allows gains from the sale of real property to be reported on the installment basis, if the payments received by the taxpayers in the year of sale do not exceed 30% of the selling price of their interests.

There is no dispute that the taxpayers...

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