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FIRST NATIONAL INDUSTRIES, INC. v. C. I. R.

No. 18208.

404 F.2d 1182 (1968)

FIRST NATIONAL INDUSTRIES, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Sixth Circuit.

December 26, 1968.

Attorney(s) appearing for the Case

William Waller, Nashville, Tenn., for petitioner, Robert G. McCullough, Nashville, Tenn., on the brief, Waller, Lansden, Dortch & Davis, Nashville, Tenn., of counsel.

Jonathan S. Cohen, Atty., Dept. of Justice, Washington, D. C., for respondent, Mitchell Rogovin, Asst. Atty. Gen., Meyer Rothwacks, Elmer J. Kelsey, Attys., Dept. of Justice, Washington, D. C., on the brief.

Before PECK, McCREE and COMBS, Circuit Judges.

JOHN W. PECK, Circuit Judge.

A preliminary statement of the facts of this case in summary form may be of assistance. This appeal from the Tax Court results from its allowance of a deficiency assessment made on the basis of what the Commissioner contends (and the Tax Court found) to be a capital gain. The taxpayer is one of six corporations owned or controlled by a seventh, itself a nonprofit charitable1 corporation.

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