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VAALER v. UNITED STATES

No. 71-1134.

454 F.2d 1120 (1972)

Paul T. VAALER, Individually, and as Special Administrator of the Estate of Thelma T. Vaaler, Deceased, Appellees. v. UNITED STATES of America, Appellant.

United States Court of Appeals, Eighth Circuit.

January 21, 1972.

Attorney(s) appearing for the Case

Richard Halberstein, Atty., Tax Div., Dept. of Justice, Washington, D. C., Johnnie M. Walters, Asst. Atty. Gen., Meyer Rothwacks, Bennet N. Hollander, Attys., Tax Div., Dept. of Justice, Washington, D. C., for appellant; Harold O. Bullis, U. S. Atty., of counsel.

Robert Vaaler, Stokes, Vaaler, Gillig, Warcup & Woutat, Grand Forks, N. D., for plaintiffs-appellees.

Before MATTHES and LAY, Circuit Judges, and HUNTER, District Judge.

ELMO B. HUNTER, District Judge.

Presented on this appeal is the single question of whether $13,861.20 received by taxpayer-appellant, Paul T. Vaaler,1 from Sunshine Mutual Insurance Company upon termination of his general agency contract was gain received from the sale of a capital asset or ordinary income. The District Court held it was a capital asset sale, and entered judgment accordingly.

On March 1, 1947, Vaaler entered into...

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