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PACIFIC COAST MUSIC JOBBERS, INC. v. C. I. R.

No. 71-2465.

457 F.2d 1165 (1972)

PACIFIC COAST MUSIC JOBBERS, INC., et al., Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Fifth Circuit.

March 22, 1972.

Attorney(s) appearing for the Case

A. Walter Socolow, New York City, for petitioners-appellants.

Scott P. Crampton, Asst. Atty. Gen., K. Martin Worthy, Chief Counsel, Edward D. Robertson, I. R. S., Richard Farber, Meyer Rothwacks, Thomas L. Stapleton, Richard Halberstein, Attys., Tax Div., Dept. of Justice, Washington, D. C., for respondent-appellee.

Before JOHN R. BROWN, Chief Judge, and GOLDBERG and MORGAN, Circuit Judges.

GOLDBERG, Circuit Judge:

We are asked to construe a contractual arrangement purportedly falling under the tax aegis Subchapter S.1 In construing the underlying contracts and their tax implications, we must view the situation practically and realistically. There are also technical considerations. A taxpayer cannot simply enter a telephone booth and change into his Subchapter S suit. He must file a specific written election to be so taxed...

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