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WYNN v. UNITED STATES

No. 17618.

411 F.2d 614 (1969)

John S. WYNN, Jr., and Margaret R. Wynn, Appellants, v. UNITED STATES of America.

United States Court of Appeals Third Circuit.

Decided May 14, 1969.

Attorney(s) appearing for the Case

Henry L. Schimpf, Jr., Schimpf, Steeley, Tinaglia & Root, Philadelphia, Pa., for appellants.

Robert I. Waxman, U. S. Dept. of Justice, Tax Division, Washington, D. C., Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Attys., Dept. of Justice, Washington, D. C., for appellee, Drew J. T. O'Keefe, U. S. Atty., of counsel.

Before McLAUGHLIN, KALODNER and VAN DUSEN, Circuit Judges.

PER CURIAM:

The appellant taxpayer, John S. Wynn, Jr., is a partner with an eight per cent. interest in the stock brokerage firm of J. W. Sparks & Co. ("Sparks") which trades extensively in tax exempt municipal bonds for its own account. Sparks maintained an account with a bank which was designated "Municipal Bond Account" ("Account"). All of Sparks' municipal bond purchases were paid for by the bank through the Account. During any period in which purchases exceeded...

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