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GARRETT v. UNITED STATES

No. 72-3397 Summary Calendar.

479 F.2d 598 (1973)

William and Harris GARRETT, etc., Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee. Laura Jane GARRETT et al., Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

May 23, 1973.

Attorney(s) appearing for the Case

Walter W. Brudno, Dallas, Tex., for plaintiffs-appellants.

Frank D. McCown, U. S. Atty., Martha Joe Stroud, Asst. U. S. Atty., Dallas, Tex., Ben A. Douglas, Atty., Tax Div., Dept. of Justice, Dallas, Tex., Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Atty., Tax Div., Dept. of Justice, Washington, D. C., Eldon B. Mahon, U. S. Atty., Fort Worth, Tex., for defendant-appellee.

Before THORNBERRY, GOLDBERG and RONEY, Circuit Judges.

RONEY, Circuit Judge:

This tax refund suit presents a question of first impression concerning the statutory exemption from the Interest Equalization Tax, 26 U.S.C.A. §§ 4911 4915. This tax seeks to restrict the outflow of investment capital abroad by imposing a special tax on certain purchases of foreign securities. The taxpayers contend that their acquisitions of foreign stock are statutorily exempt from the tax. The District Court held that an exception...

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