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BAR L RANCH, INC. v. PHINNEY

No. 27836.

426 F.2d 995 (1970)

BAR L RANCH, INC., Plaintiff and Defendant in Intervention-Appellant, v. Robert L. PHINNEY, Defendant-Appellee, United States of America, Plaintiff in Intervention-Appellee.

United States Court of Appeals, Fifth Circuit.

May 14, 1970.

Attorney(s) appearing for the Case

Dougal C. Pope, Houston, Tex., for appellant.

John O. Jones, Atty., Tax Div., U. S. Dept. of Justice, Ft. Worth, Tex., Anthony J. P. Farris, U. S. Atty., James R. Gough, Asst. U. S. Atty., Houston, Tex., Johnnie M. Walters, Asst. Atty. Gen., Karl Schmeidler, Lee A. Jackson, Jonathan S. Cohen, Kenneth L. Gross, Attys., Tax Div., Dept. of Justice, Washington, D. C., for appellees.

Before THORNBERRY, DYER and CLARK, Circuit Judges.

DYER, Circuit Judge.

In reporting the amount of capital gain realized in a transaction in which it received a note and accounts receivable having a combined face value of $118, 100.07, taxpayer valued the note and accounts at substantially below their face. The Commissioner of Internal Revenue determined they should be valued at their face value. The District Court found that the taxpayer failed to show the incorrectness...

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