ESTATE of Joseph M. MEADE, Deceased, First National Bank of Florence, Executor, and Hazel B. Meade, Petitioners-Appellees,
v.
COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.
William S. and Elizabeth KING, Petitioners-Appellees,
v.
COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.
United States Court of Appeals, Fifth Circuit.https://leagle.com/images/logo.png
February 7, 1974.
Rehearing Denied March 5, 1974.
Attorney(s) appearing for the Case
Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Donald H. Olson, Attys., Tax Div., U. S. Dept. of Justice, Lee H. Henkel, Jr., Chief Counsel, I. R. S., Washington, D. C., for respondent-appellant.
J. Gilmer Blackburn, Decatur, Ala., for petitioners-appellees.
Before GEWIN, AINSWORTH and MORGAN, Circuit Judges.
United States Court of Appeals, Fifth Circuit.
AINSWORTH, Circuit Judge:
Taxpayers1 incurred legal expenses in connection with the settlement of a civil antitrust claim that had been assigned to them in pro rata shares as distributees in a corporate liquidation. These cases present the question whether the legal expenses are deductible from ordinary income under section 212 of the Internal Revenue Code of 1954, or whether, under section 263 of the Code, they must be capitalized and...
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