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NASH v. UNITED STATES

Nos. 26928-26930.

414 F.2d 627 (1969)

James G. NASH and Cecelia Nash, Plaintiffs-Appellees, v. UNITED STATES of America, Defendant-Appellant. BIRMINGHAM TRUST NATIONAL BANK, as Trustee of the Margaret Nash Trust, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant. BIRMINGHAM TRUST NATIONAL BANK, as Trustee under the James G. Nash, Jr., Trust, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals Fifth Circuit.

July 2, 1969.

Attorney(s) appearing for the Case

Macon L. Weaver, U. S. Atty., Birmingham, Ala., Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson, Jonathan S. Cohen, Martin T. Goldblum, Attys., Tax Division, Dept. of Justice, Mitchell Rogovin, Asst. Atty. Gen., Washington, D. C., for appellant; E. Ray Acton, Asst. U. S. Atty., of counsel.

E. M. Friend, Jr., Sirote, Permutt, Friend & Friedman, Harold I. Apolinsky, Joseph S. Bluestein, Birmingham, Ala., for appellees.

Before TUTTLE and SIMPSON, Circuit Judges, and CASSIBRY, District Judge.

TUTTLE, Circuit Judge:

This appeal presents the issue as to the taxability of a reserve for bad debts, set up by individual taxpayers, upon their transfer of the accounts receivable owned by the taxpayers, to controlled corporations, under § 351 of the 1954 Internal Revenue Code.1

These consolidated suits were brought to recover federal income taxes for the year 1961. The taxes had been paid by the taxpayers, James G. Nash...

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