C. I. R. v. TURNBOW

No. 16775.

286 F.2d 669 (1960)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. Grover D. TURNBOW and Ruth H. Turnbow, Respondents.

United States Court of Appeals Ninth Circuit.

December 5, 1960.


Attorney(s) appearing for the Case

Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Crombie J. D. Garrett, Attys., Dept. of Justice, Washington, D. C., Harry Baum, Atty., Dept. of Justice, Washington, D. C., for appellant.

Pillsbury, Madison & Sutro, Francis R. Kirkham, Harry R. Horrow, Francis N. Marshall, Whitcomb J. McFarland, San Francisco, Cal., for respondents; M. W. Dobrzensky, S. H. Dobrzensky, Oakland, Cal., of counsel.

Before MERRILL and KOELSCH, Circuit Judges, and BOWEN, District Judge.


MERRILL, Circuit Judge.

This case presents the following question: whether gain realized by a taxpayer upon the transfer of his stock in a wholly owned corporation in consideration for voting stock in another corporation plus cash is recognizable in its entirety or only to the extent of the cash received. The Tax Court, following Howard v. Commissioner of Internal Revenue, 7 Cir., 1956, 238 F.2d 943, has ruled that the gain is recognizable...

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