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FORMICO v. C. I. R.

No. 71-2882.

491 F.2d 788 (1974)

Marte A. FORMICO and Eula J. Formico, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Ninth Circuit.

January 30, 1974.

Attorney(s) appearing for the Case

Herman P. Scampini, Jr. (Argued), of Janin, Morgan & Brenner, San Francisco, Cal., for appellants.

K. Martin Worthy, Chief Counsel, I. R. S., Washington, D. C., Scott P. Crampton, Asst. Atty. Gen., Tax Div., Jane M. Edmisten (Argued), U. S. Dept. of Justice, Washington, D. C., for appellee.

Before MERRILL, KOELSCH, and SNEED, Circuit Judges.

OPINION

SNEED, Circuit Judge:

This appeal involves a disputed deficiency in the income taxes paid by Eula and Marte Formico ("Taxpayer")1 for the calendar years 1966 and 1967 in the amounts of $3,836.33 and $3,977.75 respectively. At issue here is whether the Tax Court erred in finding that Taxpayer had purchased solely "management rights" in connection with his acquisition of an insurance business, and that

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