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LOCKWOOD'S ESTATE v. C. I. R.

No. 17908.

350 F.2d 712 (1965)

ESTATE of Thorval J. LOCKWOOD, Deceased, National Bank of Commerce Trust and Savings Association, Successor to the First Trust Company of Lincoln, Nebraska, Executor, and Mrs. Margaret K. Lockwood, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Eighth Circuit.

September 17, 1965.

Attorney(s) appearing for the Case

Charles E. Wright, of Cline, Williams, Wright, Johnson, Oldfather & Thompson, Lincoln, Neb., for petitioner.

Mark S. Rothman, Atty., Tax Div., Dept. of Justice, Washington, D. C., Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson and I. Henry Kutz, Attys., Dept. of Justice, Washington, D. C., for respondent.

Before VOGEL, MATTHES and RIDGE, Circuit Judges.

VOGEL, Circuit Judge.

The single question involved in this review of an unreported decision of the Tax Court of the United States, entered August 26, 1964, is whether the "spin-off" of part of the business conducted by the Lockwood Grader Corporation of Gering, Nebraska, (hereinafter Lockwood) through the organization of a new corporation, Lockwood Graders of Maine, Inc. (hereinafter Maine, Inc.) was tax-free to petitioners, recipients of the stock of Maine, Inc....

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