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ESTATE OF TASCHLER v. UNITED STATES

Nos. 18769-18771.

440 F.2d 72 (1971)

ESTATE of John R. TASCHLER, Deceased, by Dorothy Taschler, Executrix, and Dorothy Taschler, Appellants, v. UNITED STATES of America.

United States Court of Appeals, Third Circuit.

Decided March 29, 1971.

Attorney(s) appearing for the Case

William C. McClure, Pittsburgh, Pa. (Robert G. MacAlister, Frank E. Coho, Pittsburgh, Pa., on the brief), for appellants.

Gary R. Allen, Department of Justice, Tax Division, Washington, D. C. (Johnnie M. Walters, Asst. Atty. Gen., Meyer Rothwacks, Elmer J. Kelsey, Attys., Department of Justice, Washington, D. C., Richard L. Thornburgh, U. S. Atty., on the brief), for appellee.

Before GANEY and ADAMS, Circuit Judges, and WEIS, District Judge.

OPINION OF THE COURT

GANEY, Circuit Judge.

The appeals in these three consolidated actions pose the recurring issue whether sums withdrawn from a corporation by a taxpayer owning all of its common stock were dividends to be taxed, as ordinary income, or loans, the total of which could be treated as long-term capital gains upon the sale of the corporation. The district court found that they were dividends rather than loans for the taxable years 1958, 1961...

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