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CAMPBELL v. WHEELER

No. 21442.

342 F.2d 837 (1965)

Ellis CAMPBELL, Jr., District Director of Internal Revenue, Appellant, v. Clifford W. WHEELER and Lillian V. Wheeler, Appellees.

United States Court of Appeals Fifth Circuit.

March 18, 1965.

Attorney(s) appearing for the Case

Crombie J. D. Garrett, Atty., Dept. of Justice, Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, David O. Walter, Attys., Dept. of Justice, Washington, D. C., Barefoot Sanders, U. S. Atty., Dallas, Tex., for appellant, Martha Joe Stroud, Asst. U. S. Atty., of counsel.

Stanley C. Simon, Atwell, Grayson & Atwell, Dallas, Tex., for appellees.

Before TUTTLE, Chief Judge, and BROWN and GEWIN, Circuit Judges.

GEWIN, Circuit Judge:

This appeal requires application of the provisions of the Internal Revenue Code of 1954 that relate to the deferment of tax liability upon a transfer of property by a taxpayer to a corporation that he controls.

In general, whenever a taxpayer sells or exchanges property, the gain realized on the sale or exchange must be recognized for tax purposes.1 The strict application...

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