ROBERTS & PORTER, INC. v. C. I. R.

No. 13680.

307 F.2d 745 (1962)

ROBERTS & PORTER, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Seventh Circuit.

September 28, 1962.


Attorney(s) appearing for the Case

Tim G. Lowry, Gerhard E. Seidel, Herbert C. Loth, Jr., Chicago, Ill., for petitioner.

Louis F. Oberdorfer, Richard J. Heiman, Lee A. Jackson, Meyer Rothwacks, John B. Jones, Jr., Washington, D. C., for respondent.

Before HASTINGS, Chief Judge, and DUFFY and KNOCH, Circuit Judges.


KNOCH, Circuit Judge.

Pursuant to the provisions of the 1954 Internal Revenue Code, § 7483, 26 U.S. C.A. § 7483, petitioner, Roberts & Porter, Inc., seek review of a decision of the Tax Court (37 T.C. 3, Tax Court Docket No. 83515) to redetermine an income tax deficiency for 1956.

The facts are undisputed. Roberts & Porter sold 40 (out of an authorized 75) $1,000 par, 6%, 10-year, convertible notes to Hugh R. Adams, Jr., then president and...

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