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C. I. R. v. ZONGKER

No. 7553.

334 F.2d 44 (1964)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. E. J. ZONGKER and Charleen Zongker, Respondents.

United States Court of Appeals Tenth Circuit.

July 11, 1964.

Attorney(s) appearing for the Case

Robert A. Bernstein, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, and Harry Baum, Attys., for Dept. of Justice, with him on brief), for petitioner.

Wayne Coulson, Wichita, Kan. (Paul R. Kitch, Dale M. Stucky, Donald R. Newkirk, Robert J. Hill, Gerrit H. Wormhoudt, Philip Kassebaum, John E. Rees, Robert T. Cornwell, and Willard B. Thompson, Wichita, Kan., with him on brief), for respondents.

Before MURRAH, Chief Judge, and PICKETT and LEWIS, Circuit Judges.

PER CURIAM.

This is a petition for review of a decision of the Tax Court holding that the corporation in which taxpayers held fifty per cent of the stock was not a "collapsible corporation" within the meaning of Section 117(m) of the Internal Revenue Code of 1939, and that the gain from the sale of the stock was, therefore, taxable as capital gain rather than ordinary income. See: 39 T.C. 1046. The crux of this controversy is Section...

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