WISEMAN v. UNITED STATES

No. 6810.

371 F.2d 816 (1967)

John M. WISEMAN, Plaintiff, Appellant, v. UNITED STATES of America, Appellee.

United States Court of Appeals First Circuit.

January 31, 1967.


Attorney(s) appearing for the Case

David M. Scheffer, Boston, Mass., for appellant.

Jack S. Levin, Atty., Dept. of Justice, with whom Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson and David O. Walter, Attys., Dept. of Justice, and Lloyd P. La Fountain, U. S. Atty., were on brief, for appellee.

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


PER CURIAM.

This is a suit for a tax refund. In the tax year in question plaintiff taxpayer was the sole owner of two brother-sister corporations — Industrial Realty Co., Inc. and Southern Comfort Realty Company. Industrial was a successful operation — yielding substantial profits. Southern had been losing money for several years and understandably plaintiff was anxious to liquidate it. Late in March 1961, upon the recommendation of plaintiff's accountant...

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