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FRANK v. C. I. R.

No. 18582.

447 F.2d 552 (1971)

M. P. FRANK and Beatrice Frank, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Seventh Circuit.

Rehearing Denied, September 29, 1971.

Attorney(s) appearing for the Case

Marvin E. Klitsner, William J. Willis, Timothy C. Frautschi, Milwaukee, Wis., for appellants; Foley & Lardner, Milwaukee, Wis., of counsel.

Johnnie M. Walters, Asst. Atty. Gen., Tax Division, Daniel B. Rosenbaum, Joseph M. Howard, Harry Baum, Attys., Tax Division, Dept. of Justice, Washington, D. C., for appellee.

Before SWYGERT, Chief Judge, and FAIRCHILD and PELL, Circuit Judges.

SWYGERT, Chief Judge.

This is a petition to review a decision of the United States Tax Court1 which determined deficiencies in the federal income taxes for calendar year 1960 paid by petitioners-appellants.2 The Tax Court determined that taxpayer realized ordinary income in the amount of $530,328.66 during that year due to the exercise on September 28, 1960 of stock options granted in 1958 to M. P. Frank by...

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