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JOHNSON v. UNITED STATES

No. 14351.

435 F.2d 1257 (1971)

W. Taylor JOHNSON and Foye K. Johnson, Appellees, v. UNITED STATES of America, Appellant.

United States Court of Appeals, Fourth Circuit.

Decided January 6, 1971.

Attorney(s) appearing for the Case

Stephen H. Hutzelman, Atty., Dept. of Justice (Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson and Thomas L. Stapleton, Attys., Dept. of Justice, and Brian P. Gettings, U. S. Atty., on brief) for appellant.

Francis N. Crenshaw and Robert C. Nusbaum, Norfolk, Va. (Crenshaw, Ware & Johnson, and Hofheimer, Nusbaum & McPhaul, Norfolk, Va., on brief) for appellees.

Before BRYAN and WINTER, Circuit Judges, and MARTIN, Chief District Judge.

ALBERT V. BRYAN, Circuit Judge:

Income taxes paid by W. Taylor Johnson and his wife, Foye K. Johnson — taxpayer — were recouped by a September 1969 judgment of the Federal Court for the Eastern District of Virginia. Decision hinged on the appropriate tax treatment of a corporate distribution of moneys held in a depreciation account. The United States appeals, and successfully, we hold.

The facts, bared of simultaneous tax incidents, are these...

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