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PALMER v. COMMISSIONER OF INTERNAL REVENUE

No. 6622.

354 F.2d 974 (1965)

John E. PALMER et al., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals First Circuit.

Decided December 16, 1965.

Attorney(s) appearing for the Case

John A. Mitchell, Portland, Me., with whom Verrill, Dana, Walker, Philbrick & Whitehouse, Portland, Me., were on brief, for petitioners.

Fred R. Becker, Atty., Dept. of Justice, with whom Richard M. Roberts, Acting Asst. Atty. Gen., and Lee A. Jackson, Jonathan S. Cohen and Robert I. Waxman, Attys., Dept. of Justice, were on brief, for respondent.

Before ALDRICH, Chief Judge, McENTEE and COFFIN, Circuit Judges.

PER CURIAM.

Simplifying the facts, taxpayer, actually husband and wife, owned all of the stock of J. E. Palmer Co. The company was heavily indebted to a bank, and losing money. The bank requested collateral. Taxpayer, owning personally a piece of real estate, gave the bank a mortgage thereon to secure the company's loan. Subsequently, taxpayer and the bank agreed that the property should be sold, the proceeds to be applied to reduce the company's debt. Taxpayer sought...

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