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BAAN v. COMMISSIONER OF INTERNAL REVENUE

No. 24621.

450 F.2d 198 (1971)

Oscar E. BAAN and Evelyn K. Baan, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

December 22, 1971.

Attorney(s) appearing for the Case

Harry R. Horrow (argued), Stephen J. Martin, Pillsbury, Madison & Sutro, San Francisco, Cal., for petitioners-appellants.

William L. Goldwin (argued), Lee A. Jackson, Gilbert E. Andrews, Dept. of Justice, Johnnie M. Walters, Asst. Atty. Gen., Tax Division, K. Martin Worthy, Chief Counsel, IRS, Washington, D.C., for respondent-appellee.

Before HAMLEY, MERRILL and ELY, Circuit Judges.

PER CURIAM:

These proceedings for the redetermination of a deficiency in the 1961 income tax of Oscar E. and Evelyn K. Baan, involve the tax treatment to be accorded a gain realized by the taxpayers in exercising their stock rights to acquire Pacific Northwest Bell Telephone Company (Northwest) stock. The availability of Northwest stock resulted from the spin-off, to Northwest, of Pacific Telephone and Telegraph Company's (Pacific's) business in Washington, Oregon...

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