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O. B. M., INC. v. C. I. R.

No. 618, Docket 34134.

427 F.2d 661 (1970)

O. B. M., INC., Burton O'Brien, Gerard M. McAllister, Anthony J. McAllister, James P. McAllister, Roderick H. McAllister and Charles D. McAllister, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals, Second Circuit.

Decided May 28, 1970.

Attorney(s) appearing for the Case

Bernard J. Long, Jr., Washington, D. C. (Dow, Lohnes & Albertson, Bernard J. Long, and Richard L. Braunstein, Washington, D. C., on the brief), for petitioners.

Issie L. Jenkins, Dept. of Justice, Washington, D. C. (Johnnie M. Walters, Asst. Atty. Gen., Gilbert E. Andrews, and Lee A. Jackson, Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before WATERMAN, FRIENDLY and ANDERSON, Circuit Judges.

ANDERSON, Circuit Judge:

O.B.M., Inc., and its six individual shareholders appeal from decisions of the Tax Court, 52 T.C. 619 (1969), upholding the Commissioner of Internal Revenue's determination of their liability for deficiencies based on the corporation's failure to comply with the 12-month liquidation procedure of § 337(a) of the Internal Revenue Code of 1954, 26 U.S.C. § 337(a). We reverse.

O.B.M., Inc., is...

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