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UNITED STATES v. HERTWIG

No. 23887.

398 F.2d 452 (1968)

UNITED STATES of America, Appellant, v. Charles C. HERTWIG, Trustee of Reorganization of Precision Recapping Equipment Company, Appellee.

United States Court of Appeals Fifth Circuit.

July 25, 1968.

Attorney(s) appearing for the Case

Mitchell Rogovin, Asst. Atty. Gen., Meyer Rothwacks, Acting Chief, Harry Baum, J. Edward Shillingbury, Albert J. Beveridge, III, Attys., Dept. of Justice, Washington, D. C., Floyd M. Buford, U. S. Atty., Macon, Ga., for appellant.

Louis Regenstein, Atlanta, Ga., Wallace Miller, Jr., Charles M. Cork, Charles M. Cork, Jr., Macon, Ga., for appellee.

Before JOHN R. BROWN, Chief Judge, SIMPSON, Circuit Judge, and SUTTLE, District Judge.

SIMPSON, Circuit Judge:

This appeal concerns the tax consequences of a transfer of property to a controlled corporation in exchange for notes. The sole question is whether the transfer falls within Section 112(b) (5), Internal Revenue Code of 1939, 26 U.S.C. 1952 ed., § 112(b) (5),1 so as to require the taxpayer-corporation, under Section 113(a) (8) (A), Internal Revenue Code of 1939, 26 U.S.C., 1952 ed., § 113(a) (8) (A),

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