1. Home
  2. Browse Decisions
  3. F.2d
  4. 296 F.2d
  5. 296 F.2d 925 (1962)
 

APPLEBY v. COMMISSIONER OF INTERNAL REVENUE

No. 13690.

296 F.2d 925 (1962)

Theodore F. APPLEBY and Marie W. Appleby, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Third Circuit.

Decided January 10, 1962.

Attorney(s) appearing for the Case

Robert V. Carton, Asbury Park, N. J. (Durand, Ivins & Carton, Asbury Park, N. J., on the brief), for petitioners.

Douglas A. Kahn, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, A. F. Prescott, Attorneys, Department of Justice, Washington, D. C., on the brief), for respondent.

Before McLAUGHLIN, KALODNER and HASTIE, Circuit Judges.

PER CURIAM.

The decisive fact issue here is whether petitioners have met the "active business" requirement of Section 355 of the Internal Revenue Code of 1954, 26 U.S. C.A. § 355 so as to have the distribution of the stock of the wholly owned subsidiary qualify as a non-taxable distribution. While the Tax Court decision could have gone the other way there is ample evidence in the record to support it; certainly we cannot say that it is clearly wrong.

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases