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RAGLAND INVESTMENT COMPANY v. C. I. R.

Nos. 20225-20227.

435 F.2d 118 (1970)

RAGLAND INVESTMENT COMPANY, Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant. Elizabeth L. RAGLAND, Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant. H. H. RAGLAND, Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Sixth Circuit.

December 8, 1970.

Attorney(s) appearing for the Case

Terry Bray, Tax Division, Dept. of Justice, Washington, D. C., for respondent-appellant; Johnnie M. Walter, Asst. Atty. Gen., Lee A. Jackson, Thomas L. Stapleton, Stanley L. Ruby, Daniel B. Rosenbaum, Attys., Dept. of Justice, Washington, D. C., on brief.

D. L. Lansden, Nashville, Tenn., for petitioners-appellees; William Waller, Nashville, Tenn., on brief; Waller, Lansden, Dortch & Davis, Nashville, Tenn., of counsel.

Before PHILLIPS, Chief Judge, and EDWARDS and CELEBREZZE, Circuit Judges.

PER CURIAM.

The Commissioner of Internal Revenue appeals from the decision of the United States Tax Court in favor of the taxpayers.

Two questions are presented: (1) Whether income received by the taxpayers from preferred stock issued to them in exchange for the sale of their business constituted dividends, as the taxpayers claim and the Tax Court found, or interest as asserted by the Commissioner; and (2) whether this ultimate finding by the Tax Court presents...

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