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GREEN v. UNITED STATES

No. 71-1482.

460 F.2d 412 (1972)

George Gardiner GREEN and Eleanor T. Green, Plaintiffs-Appellants-Cross Appellees, v. UNITED STATES of America, Defendant-Appellee-Cross Appellant.

United States Court of Appeals, Fifth Circuit.

May 17, 1972.

Attorney(s) appearing for the Case

Robert E. Hauberg, U. S. Atty., Jackson, Miss., Meyer Rothwacks, Paul M. Ginsburg, Attys., Tax Div., Dept. of Justice, Washington, D. C., for defendant-appellee.

James P. Knight, Jr., Jackson, Miss., for plaintiffs-appellants.

Before WISDOM, COLEMAN and SIMPSON, Circuit Judges.

WISDOM, Circuit Judge:

On this appeal, the taxpayer and the government dispute the federal tax consequences of an offer by a closely-held corporation to sell mineral interests to its shareholders for a price which the Government contends was less than fair market value. Each party protests the lower court's disposition of one aspect of the case. We sustain both appeals.

Plaintiff George Gardiner Green and his wife...

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