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GODART v. C. I. R.

No. 383, Docket 33950.

425 F.2d 633 (1970)

Pierre GODART and Suzanne Godart, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Second Circuit.

Decided February 16, 1970.

Attorney(s) appearing for the Case

Norman Nadel, New York City (Benjamin Nadel, New York City, of counsel), for appellants.

Kenneth L. Gross, Atty., Dept. of Justice, Washington, D. C. (Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson and Harry Baum, Attys., Dept. of Justice, Washington, D. C., of counsel), for appellee.

Before LUMBARD, Chief Judge, FRIENDLY, Circuit Judge, and JUDD, District Judge.

FRIENDLY, Circuit Judge:

This petition to review a decision of the Tax Court raises a close question concerning the interpretation of § 1244 of the Internal Revenue Code of 1954, which provides that up to certain maxima, a loss on "§ 1244 stock" is deductible as an ordinary rather than a capital loss. The sole issue is whether certain of the taxpayers' stock satisfied the requirements of § 1244(c)1 and the Commissioner's...

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