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NEWBY v. C. I. R.

No. 13693.

309 F.2d 48 (1962)

A. Wesley NEWBY and Hilma L. Newby, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Seventh Circuit.

October 10, 1962.

Attorney(s) appearing for the Case

Walter J. Lynwood, Chicago, Ill., for petitioner.

Louis F. Oberdorfer, Asst. Atty. Gen., Arthur E. Strout, Atty., Tax Div., U. S. Dept. of Justice, Washington, D. C., Lee A. Jackson, Harry Baum, Attys., Dept. of Justice, Washington, D. C., for respondent.

Before DUFFY, CASTLE and KILEY, Circuit Judges.

CASTLE, Circuit Judge.

The sole question before us is whether the taxpayer, hereinafter called the petitioner,1 proved ownership in a patent by reason of an alleged oral agreement in 1949 and a written agreement dated September 15, 1952, and the amendments thereto to qualify for capital gains treatment under Section 1235 of the Internal Revenue Code of 1954, 26 U.S.C.A. § 1235. Section 1235 provides, in part, as follows:

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