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WILLETT v. C. I. R.

Nos. 13731-13734.

277 F.2d 586 (1960)

Lambert WILLETT, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. Mary T. WILLETT, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. John L. WILLETT, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. Thompson and Virginia S. WILLETT, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Sixth Circuit.

April 12, 1960.

Attorney(s) appearing for the Case

Charles I. Dawson, Louisville, Ky. (Bullitt, Dawson & Tarrant, John A. Fulton, of Woodward, Hobson & Fulton, Rucker Todd, Louisville, Ky., on the brief), for petitioners.

Morton K. Rothchild, Washington, D. C. (Charles K. Rice, Lee A. Jackson, Robert N. Anderson, Washington, D. C., on the brief; Arch M. Cantrall, John M. Morawski, Dept. of Justice, Washington, D. C., on docket), for respondent.

Before MARTIN, CECIL and WEICK, Circuit Judges.

CECIL, Circuit Judge.

The principal question involved in this appeal from the Tax Court is whether or not gain resulting from certain transactions is ordinary income to Willett Brokerage Company, a partnership, for the sale of its inventory of whiskey or a capital gain derived from the sale of the common stock of Wildwood Corporation.

The history of the organization of the partnership of Willett Brokerage Company, Wildwood Corporation and the Willett Distillery...

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