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FIREOVED v. UNITED STATES

Nos. 71-1565 to 71-1567.

462 F.2d 1281 (1972)

Eugene W. and Marie P. FIREOVED, Appellants in Nos. 71-1565 v. UNITED STATES of America, Appellant in Nos. 71-1566, 71-1567.

United States Court of Appeals, Third Circuit.

Decided June 8, 1972.

Attorney(s) appearing for the Case

Daniel Mungall, Jr., Stradley, Ronon, Stevens & Young, Philadelphia, Pa., for appellants in No. 71-1565 and cross-appellees in Nos. 71-1566/7.

Janet Spragens, Department of Justice-Tax Division, Washington, D.C. for appellee in No. 71-1565 and cross appellants in Nos. 71-1566/7.

Before ADAMS, MAX ROSENN and HUNTER, Circuit Judges.

OPINION OF THE COURT

ADAMS, Circuit Judge.

This appeal calls into question the application of section 306 of the Internal Revenue Code of 19541 and the "first in-first out rule"2 to a redemption of preferred stock in a corporation by plaintiff,3 one of its principal shareholders. In particular we are asked to decide whether the transaction here had "as one of its principal...

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