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COYLE v. UNITED STATES

No. 11828.

415 F.2d 488 (1968)

George L. COYLE, Jr., and The Charleston National Bank, a national banking association, Executors of the Estate of George L. Coyle and Lucy G. Coyle, Appellees, v. UNITED STATES of America, Appellant.

United States Court of Appeals Fourth Circuit.

Decided June 6, 1968.

Attorney(s) appearing for the Case

Martin T. Goldblum, Atty., Department of Justice (Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Attys., Department of Justice, and Milton J. Ferguson, U. S. Atty., on the brief), for appellant.

Robert S. Spilman, Jr., Charleston, W. Va. (Spilman, Thomas, Battle & Klostermeyer, Charleston, W. Va., on the brief), for appellees.

Before SOBELOFF, CRAVEN and BUTZNER, Circuit Judges.

SOBELOFF, Circuit Judge:

Our task in this tax refund case is to apply to a stipulated set of facts an unambiguous, if involved, network of statutes to determine whether the proceeds from a transfer of corporate stock are to be taxed as capital gains or ordinary income. The District Court ruled that money which the taxpayer received in exchange for the shares of a corporation he controlled to a corporation wholly owned by his sons should be treated as a capital gain...

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