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BISBEE-BALDWIN CORPORATION v. TOMLINSON

No. 19567.

320 F.2d 929 (1963)

BISBEE-BALDWIN CORPORATION, Appellant, v. Laurie E. TOMLINSON, District Director of Internal Revenue for the District of Florida, Appellee.

United States Court of Appeals Fifth Circuit.

June 25, 1963.

Attorney(s) appearing for the Case

Chester Bedell, C. Harris Dittmar, Jacksonville, Fla., Bedell, Bedell & Dittmar, Jacksonville, Fla., of counsel, for appellant.

David O. Walter, Meyer Rothwacks, Attys., Dept. of Justice, Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Atty., Dept. of Justice, Washington, D. C., Edward F. Boardman, U. S. Atty., Miami, Fla., William J. Hamilton, Jr., Asst. U. S. Atty., Jacksonville, Fla., for appellee.

Before WISDOM and BELL, Circuit Judges, and JOHNSON, District Judge.

WISDOM, Circuit Judge.

The question for decision is whether payments the taxpayer received for the termination of mortgage servicing contracts are taxable as ordinary income or as capital gains.1

This Court has recently decided three other cases concerning the tax effects of the termination of similar contracts: Nelson Weaver Realty Co. v. Commissioner, 5 Cir.1962, 307...

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