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BELL LINES, INC. v. UNITED STATES

No. 72-2461.

480 F.2d 710 (1973)

BELL LINES, INC., Appellee, v. UNITED STATES of America, Appellant.

United States Court of Appeals, Fourth Circuit.

Decided June 26, 1973.

Attorney(s) appearing for the Case

Helen E. Marmoll, Atty., Tax Div., U. S. Dept. of Justice (Fred B. Ugast, Acting Asst. Atty. Gen., Meyer Rothwacks, Richard W. Perkins, Attys., Tax Div., U. S. Dept. of Justice, and Robert B. King, Asst. U. S. Atty., on brief), for appellant.

Fuller Holloway, Washington, D. C. (William H. Bradford, Jr., and Hamel, Park, McCabe & Saunders, Washington, D. C., on brief), for appellee.

Before CRAVEN, RUSSELL and WIDENER, Circuit Judges.

CRAVEN, Circuit Judge:

A corporation which trades in old trucks and pays boot in money for new trucks comes under Int.Rev.Code of 1954, § 1031; any gain on the trade-in is not recognized.1 There is, however, a capital gain, fully recognizable in the year of the transaction, where a corporation sells old trucks at a profit even though the proceeds are used to purchase new trucks.2 The two prior sentences...

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