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DILLARD PAPER COMPANY v. C. I. R.

No. 9664.

341 F.2d 897 (1965)

DILLARD PAPER COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided February 19, 1965.

Attorney(s) appearing for the Case

Claude C. Pierce, Greensboro, N. C. (W. H. Holderness, and McLendon, Brim, Holderness & Brooks, Greensboro, N. C., on brief), for petitioner.

Alec A. Pandaleon, Attorney, Department of Justice (Louis F. Oberdorfer, Asst. Atty. Gen., and Lee A. Jackson and Harold C. Wilkenfeld, Attorneys, Department of Justice, on brief), for respondent.

Before SOBELOFF and J. SPENCER BELL, Circuit Judges, and CHRISTIE, District Judge.

PER CURIAM.

At issue on this appeal is the propriety of a long-term capital loss of $12,918.87 claimed by the taxpayer, Dillard Paper Company, on its federal income tax return for 1958. This loss resulted from the transfer by Dillard of certain securities it owned to the fiduciary of its employees' profit-sharing plan in partial satisfaction of an obligatory contribution to the plan based upon 1957 operations. The Commissioner disallowed the loss, relying upon §...

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