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JACK AMMANN PHOTOGRAMMETRIC ENGINEERS, INC., v. C. I. R.

No. 20860.

341 F.2d 466 (1965)

JACK AMMANN PHOTOGRAMMETRIC ENGINEERS, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

February 23, 1965.

Attorney(s) appearing for the Case

Edward B. Benjamin, Jr., Saul Stone, Stone, Pigman & Benjamin, New Orleans, La., for petitioner.

Michael K. Cavanaugh, Atty., Dept. of Justice, Louis F. Oberdorfer, Asst. Atty. Gen., John B. Jones, Jr., Acting Asst. Atty. Gen., Lee A. Jackson, Atty., Dept. of Justice, R. P. Hertzog, Acting Chief Counsel, I.R.S., Charles Owen Johnson, Atty., I.R.S., Meyer Rothwacks, David O. Walter, Attys., Dept. of Justice, Washington, D. C., for respondent.

Before TUTTLE, Chief Judge, and JONES and ANDERSON, Circuit Judges.

TUTTLE, Chief Judge:

This is an appeal from the Tax Court's determination of a deficiency against the taxpayer for 1956 income taxes.

Petitioner was incorporated on January 2, 1954, to acquire the business theretofore carried on individually by Jack Ammann. Ammann made an initial contribution of $100,000, in return for which he received 78% of petitioner's stock. The corporation then executed a contract to buy the business, paying $100,000 cash, $90,000 of...

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