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MERRITT v. C. I. R.

No. 25123.

400 F.2d 417 (1968)

James H. MERRITT, Sr., and Amanda Merritt, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

August 23, 1968.

Attorney(s) appearing for the Case

Donald G. Tripp, Oxford, Mich., for petitioners.

Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson, Meyer Rothwacks, Jonathan S. Cohen, Donald A. Statland, Willy Nordwind, Jr., Attys., Dept. of Justice, Lester R. Uretz, Chief Counsel, I.R.S., Eugene F. Colella, Atty., I.R.S., Washington, D. C., for respondent.

Before GOLDBERG, GODBOLD and SIMPSON, Circuit Judges.

GOLDBERG, Circuit Judge:

This case presents the question of whether a loss sustained by an individual taxpayer after the involuntary sale of stock owned in a family corporation is deductible when the purchaser was the taxpayer's wife. Both the appellants and the government agree that the loss was validly deducted unless Section 267 of the Internal Revenue Code of 1954 — transactions between related taxpayers — is applicable.1

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