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BAILEY v. UNITED STATES

No. 19874.

360 F.2d 113 (1966)

Glenn C. BAILEY, Lillian S. Bailey, and Inez N. Bailey, Appellants, v. UNITED STATES of America, Appellee.

United States Court of Appeals Ninth Circuit.

March 25, 1966.

Attorney(s) appearing for the Case

Rutan & Tucker, by Warren Sikora, Santa Ana, Cal., for appellant.

Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Richard J. Heiman, Harry Marselli, Attys., Dept. of Justice, Washington, D. C., Manuel L. Real, U. S. Atty., Loyal E. Keir, Asst. U. S. Atty., Chief, Tax Division, Los Angeles, Cal., for appellee.

Before JERTBERG and BROWNING, Circuit Judges, and MUECKE, District Judge.

BROWNING, Circuit Judge:

The question presented is whether taxpayers who intended to achieve a nontaxable corporate liquidation under section 112(b) (7) of the Internal Revenue Code of 1939 entertained the "view" which would have rendered the corporation "collapsible" within the meaning of 1939 Code section 117(m). The district court held that they did, and we affirm.

The taxpayers were engaged in subdividing real property and building and selling homes. They...

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