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RALEY v. UNITED STATES

No. 73-1674.

491 F.2d 136 (1974)

William L. RALEY and Thelma C. Raley, Plaintiffs-Appellees, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

March 15, 1974.

Attorney(s) appearing for the Case

Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Louis A. Bradbury, Attys., Tax Div., Dept. of Justice, Lee H. Henkel, Jr., Acting Chief Counsel, IRS, Washington, D. C., Oscar Blasingame, Asst. U. S. Atty., Tampa, Fla., John L. Briggs, U. S. Atty., Jacksonville, Fla., for defendant-appellant.

William R. Frazier, Jacksonville, Fla., for plaintiffs-appellees.

Before BROWN, Chief Judge, and GEWIN and GOLDBERG, Circuit Judges.

JOHN R. BROWN, Chief Judge:

The Government in this tax refund suit appeals a decision by the District Court holding that money received by taxpayers1 in the redemption of four revolving fund retain certificates from agricultural cooperatives was taxable as capital gain rather than as ordinary income.2 Taxpayers had reported these as capital gains but the Commissioner reclassified the amounts as ordinary income...

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