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C. I. R. v. LOWERY

No. 14699.

335 F.2d 680 (1964)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. Sylvester J. LOWERY and Rosemary P. Lowery, Respondents.

United States Court of Appeals Third Circuit.

Decided August 18, 1964.

Attorney(s) appearing for the Case

Fred D. Becker, Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Attys., Dept. of Justice, Washington, D. C., on the brief), for petitioner.

Joseph F. McVeigh, Philadelphia, Pa., for respondents.

Before KALODNER, STALEY and HASTIE, Circuit Judges.

KALODNER, Circuit Judge.

The issue presented is whether gains realized by the taxpayer1 in 1951 and 1952 from the sale of his stock in two corporations, Parkway House, Inc. ("Parkway") and Raleigh Construction Company ("Raleigh") were taxable as ordinary income pursuant to section 117 (m) of the Internal Revenue Code of 1939,2 relating to collapsible corporations.

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