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EXCHANGE SECURITY BANK v. UNITED STATES

No. 73-1335.

492 F.2d 1096 (1974)

EXCHANGE SECURITY BANK et al., Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee. Ellen Gregg INGALLS et al., Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

April 19, 1974.

Attorney(s) appearing for the Case

Robert McDavid Smith, Allen D. Rushton, Birmingham, Ala., for plaintiffs-appellants.

Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Atty., Tax Div., U. S. Dept. of Justice, Washington, D. C., Wayman G. Sherrer, U. S. Atty., Birmingham, Ala., Wesley J. Filer, Tax Div., Dept. of Justice, Washington, D. C., for defendant-appellee.

Before BELL, COLEMAN and RONEY, Circuit Judges.

COLEMAN, Circuit Judge:

The District Court denied plaintiff-taxpayers' claim for a tax refund. We reverse.

The operative facts begin with the dispute between Robert Ingalls, Jr., president of the family corporation, Ingalls Iron Works, Inc. (the Company), and his mother Ellen Gregg Ingalls, over 2,287 shares of company stock. Under a 1943 agreement, the Company had an option to purchase these shares at the death of its owner, Robert Ingalls, Sr. Upon his death...

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