BENNETT v. C. I. R.

No. 71-1057.

450 F.2d 959 (1971)

Dock B. BENNETT and Frona Bennett, Petitioners, Dock B. Bennett, Transferee, Petitioner, Frona Bennett, Transferee, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals, Sixth Circuit.

October 21, 1971.


Attorney(s) appearing for the Case

Charles R. Hembree, Lexington, Ky., for petitioners; Philip E. Wilson, Lexington, Ky., on brief; Kincaid, Wilson, Schaeffer, Trimble & Hembree, Lexington, Ky., of counsel.

Gary R. Allen, Atty., Tax Div., Dept. of Justice, Washington, D.C., for respondent; Johnnie M. Walters, Asst. Atty. Gen., Meyer Rothwacks, Elmer J. Kelsey, Attys., Tax Div., Dept. of Justice, Washington, D. C., on brief.

Before PHILLIPS, Chief Judge, WEICK, Circuit Judge, and CECIL, Senior Circuit Judge.


PER CURIAM.

This is an appeal from the decision of the United States Tax Court upholding the Commissioner's determinations of deficiency and transferee liability for the years 1964-66.

The taxpayers contracted to sell their insurance agency. It was agreed in writing that 80 per cent of the sale price was the consideration for a covenant by the taxpayers not to compete. Reference is made to the Tax Court opinion, 39 P-H Memo TC 1340, ¶ 70,273 (1970), for...

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