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MILLS v. C. I. R.

No. 11825.

399 F.2d 744 (1968)

Hugh N. MILLS and Jane W. Mills, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided September 3, 1968.

Attorney(s) appearing for the Case

Arthur T. Ciccarello, Charleston, W. Va., for petitioners.

Karl Schmeidler, Atty., Dept. of Justice (Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson and David O. Walter, Attys., Dept. of Justice, on brief), for respondent.

Before BOREMAN and BUTZNER, Circuit Judges, and RUSSELL, District Judge.

BUTZNER, Circuit Judge:

Hugh N. Mills and Jane W. Mills1 seek review of a decision of the tax court which found a deficiency in their 1961 income tax.2 Two issues are involved. The first is whether the tax court correctly held that the taxpayer realized ordinary income, and not long-term capital gain, on the sale of stock options and stock. The second issue is whether $1,450 of unexplained bank deposits should...

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