NEFF v. UNITED STATES

No. 419-59.

301 F.2d 330 (1962)

J. W. NEFF and Elizabeth A. Neff v. The UNITED STATES.

United States Court of Claims.

April 4, 1962.


Attorney(s) appearing for the Case

Norman A. Peil, Jr., Easton, Pa., for plaintiffs.

Earl L. Huntington, Washington, D. C., with whom was Asst. Atty. Gen. Louis F. Oberdorfer, for defendant. James P. Garland and Philip R. Miller, Washington, D. C., on the brief.


LARAMORE, Judge.

This is an action for refund of income taxes in the amount of $8,702 plus interest thereon, paid by plaintiffs as a result of deficiencies assessed. The sole legal issue before us is whether a transaction effecting a redemption of stock by a closely held corporation, as set out below, constituted a distribution essentially equivalent to a dividend, and was thus taxable to plaintiffs as ordinary income within the purview of section 302 of the Internal...

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