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PETERS v. DEPARTMENT OF REVENUE

513 P.2d 752 (1973)

Melvin A. PETERS and Sandra Peters, Husband and Wife, Appellants, v. DEPARTMENT OF REVENUE, State of Oregon, Respondent.

Supreme Court of Oregon, In Banc.

Decided September 10, 1973.

Attorney(s) appearing for the Case

Morris J. Galen, Portland, argued the cause for appellants. With him on the briefs were Tonkon, Galen & Baker, Portland.

Ira W. Jones, Asst. Atty. Gen., Salem, argued the cause for respondent. With him on the brief were Lee Johnson, Atty. Gen., and Theodore W. de Looze, Chief Tax Counsel, Salem.

HOWELL, Justice.

The only issue in this case is whether plaintiffs are entitled to special capital gains treatment of a gain realized by them in the dissolution of an Oregon corporation which was wholly owned by plaintiff Melvin Peters. The Department of Revenue and the Tax Court held that plaintiffs were not entitled to treat the gain realized as a capital gain.1 Plaintiffs appeal. Plaintiff Sandra Peters is a party only because she signed...

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