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COMMISSIONER OF INT. REV. v. ESTATE OF ANTRIM

Nos. 11943, 11944.

395 F.2d 430 (1968)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. ESTATE of Joseph L. ANTRIM, Jr., Deceased, State-Planters Bank of Commerce and Trusts and Betty Taylor Antrim, Executors, and Betty Taylor Antrim, Respondents. COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. Richard H. CARDWELL, Jr. and Annie Belle T. Cardwell, Respondents.

United States Court of Appeals Fourth Circuit.

Decided April 26, 1968.

Attorney(s) appearing for the Case

Melva M. Graney, Attorney, Department of Justice, (Mitchell Rogovin, Asst. Atty. Gen., and Meyer Rothwacks, Attorney, Department of Justice, on brief), for petitioner.

H. Brice Graves, Richmond, Va. (Lee F. Davis, Jr., and Hunton, Williams, Gay, Powell & Gibson, Richmond, Va., on brief), for respondents.

Before HAYNSWORTH, Chief Judge, WINTER, Circuit Judge, and MERHIGE, District Judge.

WINTER, Circuit Judge:

In Estate of Joseph L. Antrim, Jr., Deceased, et al., T.C. (1967), a redemption of preferred stock was held entitled to capital gains treatment under § 302 (b) (1) of the Internal Revenue Code of 1954. 26 U.S.C.A. § 302(b) (1). The Tax Court's decision that the distribution was "not essentially equivalent to a dividend," within the meaning of the Code, proceeded primarily from its finding that "the redemption was substantially disproportionate...

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