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HART METAL PRODUCTS CORPORATION v. C. I. R.

No. 18172.

437 F.2d 946 (1971)

HART METAL PRODUCTS CORPORATION, Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Seventh Circuit.

January 29, 1971.

Attorney(s) appearing for the Case

John L. Carey, Bruce R. Bancroft, Thornburg, McGill, Deahl Harman, Carey & Murray, South Bend, Ind., for appellant.

Johnnie M. Walters, Asst. Atty. Gen., Tax Division, Richard W. Perkins, Atty., U. S. Department of Justice, Washington, D. C., Lee A. Jackson, Thomas L. Stapleton, Robert I. Waxman, Attys., Dept. of Justice, Washington, D. C., for appellee.

Before CASTLE, Senior Circuit Judge, CUMMINGS and STEVENS, Circuit Judges.

STEVENS, Circuit Judge.

Taxpayer operated a profitable metal stamping business in Elkhart, Indiana, from 1952 through 1957. When it discontinued operations in 1958, its sole shareholder also owned over 80 percent of the stock of Metal-Glass Company. In 1960 these Metal-Glass shares, together with all of taxpayer's outstanding stock, were sold to taxpayer's present owner. The principal issues presented for review arise out...

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