ELLIOTT v. UNITED STATES

Civ. Nos. 500-59, 60-44, 60-468.

205 F.Supp. 384 (1962)

Otis N. ELLIOTT and Tacy M. Elliott, Husband and wife, Plaintiffs, v. UNITED STATES of America, Defendant. Alfred T. SULMONETTI and Jeanette Sulmonetti, Husband and wife, Plaintiffs, v. UNITED STATES of America, Defendant. Sanford J. LANGOE and Shirley M. Langoe, Husband and wife, Plaintiffs, v. UNITED STATES of America, Defendant.

United States District Court D. Oregon.

April 18, 1962.


Attorney(s) appearing for the Case

George W. Mead, Portland, Or., for plaintiffs Otis N. Elliott and Tacy M. Elliott and Alfred T. Sulmonetti and Jeanette Sulmonetti.

Dean M. Alexander, Portland, Or., for plaintiffs Sanford J. Langoe and Shirley M. Langoe.

C. E. Luckey, U. S. Atty., and Edward J. Georgeff, Asst. U. S. Atty., of Portland, Or., and by Dale E. Anderson, of the Dept. of Justice, Washington, D. C., for the United States.


SOLOMON, Chief Judge.

Plaintiffs brought these actions (which were consolidated for trial) to recover income taxes which they assert were unlawfully assessed and collected for the year 1952. Specifically, they claim that the Commissioner of Internal Revenue erred in determining that the Park Plaza, Inc., was a collapsible corporation and hence the profit realized by plaintiffs from the sale of their stock was taxable as ordinary income and not entitled to capital...

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