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BROWN v. UNITED STATES

No. 23774.

427 F.2d 57 (1970)

Dorothy E. BROWN and Donald Lee Brown and United States National Bank of Oregon, etc., Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

May 19, 1970.

Attorney(s) appearing for the Case

Stephen B. Hill (argued) of Mautz, Souther, Spaulding, Kinsey & Williamson, Portland, Or., for appellants.

Gilbert Andrews (argued), Johnnie M. Walters, Ass't. Gen., Lee A. Jackson, E. O. C. Ord, John M. Kirk, Tax Division, Dept. of Justice, Washington, D. C.; Sidney I. Lezak, U. S. Atty., Portland, Or., for appellee.

Before BARNES, ELY, and HUFSTEDLER, Circuit Judges.

HUFSTEDLER, Circuit Judge:

The residuary legatees of Clay Brown, deceased, appeal from a judgment of the district court denying their claim to a partial refund of income taxes for 1956.1 At issue is the tax treatment of two blocks of stock that the decedent acquired pursuant to a stock option plan under the then applicable section 421 of the Internal Revenue Code (26 U.S.C. § 421).2

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