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SPANGLER v. C. I. R.

No. 8005.

278 F.2d 665 (1960)

C. D. SPANGLER and Veva C. Spangler, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided April 18, 1960.

Attorney(s) appearing for the Case

Herman Wolff, Jr., Raleigh, N. C. (Elton B. Taylor, Charlotte, N. C., and John J. Geraghty, Raleigh, N. C., on brief), for petitioners.

Karl Schmeidler, Atty., Dept. of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, and David O. Walter, Attys., Dept. of Justice, Washington, D. C., on brief), for respondent.

Stanley Worth, Washington, D. C. (Edward S. Smith, Washington, D. C., Claude C. Pierce, Jr., Greensboro, N. C., Blair, Korner, Doyle & Worth, Washington, D. C., and McLendon, Brim, Holderness & Brooks, Greensboro, N. C., on brief), as amici curiae.

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

SOBELOFF, Chief Judge.

The "collapsible corporation" provisions of the internal revenue laws are the principal subject-matter of this petition for review. The Commissioner denied capital gains treatment which the taxpayer claimed for certain profits realized by him in the redemption of his stock in two building corporations which he had been instrumental in forming. The Tax Court, in an opinion at 32 T.C. 782, reviewed by the full court...

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