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PITTSBURGH-DES MOINES STEEL COMPANY v. UNITED STATES

Civ. A. No. 70-47.

360 F.Supp. 597 (1973)

PITTSBURGH-DES MOINES STEEL COMPANY, Plaintiff, v. UNITED STATES of America, Defendant.

United States District Court, W. D. Pennsylvania.

June 15, 1973.

Attorney(s) appearing for the Case

William Y. Rodewald, David B. Buerger, Buchanan, Ingersoll, Rodewald, Kyle & Buerger, Pittsburgh, Pa., for plaintiff.

Thomas R. Wechter, Tax Div., U. S. Dept. of Justice, Washington, D. C., W. Wendell Stanton, Asst. U. S. Atty., W. D. Pa., Pittsburgh, Pa., for defendant.

OPINION

TEITELBAUM, District Judge.

The principal issue in this case is whether the gain from the sale of stock by taxpayer, Pittsburgh-Des Moines Steel Company (PDM), is taxable in 1960 or in 1961. The Government claims that the sale was taxable in 1960 and the taxpayer contends that the gain was taxable when payment was made in 1961. Both parties have moved for summary judgment.

In 1960 PDM held 15,960 shares of stock of Horton Steel Works, Limited...

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