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KITCHIN v. C. I. R.

No. 9497.

353 F.2d 13 (1965)

Jack F. KITCHIN and Wilma H. Kitchin, Kitchin Equipment Company of Virginia, Inc., and Motor Crane Service Company, Inc., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided January 11, 1965.

Argued on Rehearing October 7, 1965.

Order on Rehearing November 23, 1965.

Attorney(s) appearing for the Case

Fortescue W. Hopkins, Roanoke, Va. (Hopkins, Pearson & Engleby, Roanoke, Va., on brief) for petitioners.

Edward L. Rogers, Atty., Dept. of Justice (John B. Jones, Jr., Acting Asst. Atty. Gen., and Lee A. Jackson and David O. Walter, Attys., Dept. of Justice, on brief), for respondent.

Before HAYNSWORTH, Chief Judge, and SOBELOFF, BOREMAN, BRYAN and J. SPENCER BELL, Circuit Judges, sitting en banc.

J. SPENCER BELL, Circuit Judge.

The principal question in this appeal is whether payments made under a lease-option contract should be prospectively characterized as either rental payments or sales proceeds and taxed accordingly in the years in which they are made or held in abeyance until the option is acted upon. In our former opinion, Kitchin v. C. I. R., 340 F.2d 895 (4 Cir. 1965), we held that the incidence of the tax could be...

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