LeVANT v. C.I.R.

No. 15758.

376 F.2d 434 (1967)

Jack I. LeVANT and May LeVant, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Seventh Circuit.

Rehearing Denied June 7, 1967.


Attorney(s) appearing for the Case

Arthur S. Freeman, Julian L. Berman, S. Richard Fine, Chicago, Ill., for petitioners.

Mitchell Rogovin, Asst. Atty. Gen., Solomon L. Warhaftig, Lee A. Jackson, Harold C. Wilkenfeld, Attys., Dept. of Justice, Washington, D. C., for respondent.

Before MAJOR, Senior Circuit Judge, and SCHNACKENBERG and CUMMINGS, Circuit Judges.


Rehearing Denied June 7, 1967, en banc.

MAJOR, Senior Circuit Judge.

This litigation had its genesis in an employment agreement entered into on April 22, 1957, between Jack I. LeVant (petitioner) and the S. M. Edison Chemical Company (Edison), by which petitioner claims, among other things, that he was granted an option to purchase up to 20% of Edison, which option was exercisable for a two-year period commencing January 1, 1958. Edison was a sole proprietorship...

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