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IVAN ALLEN COMPANY v. UNITED STATES

No. 73-2866.

493 F.2d 426 (1974)

IVAN ALLEN COMPANY, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

May 3, 1974.

Attorney(s) appearing for the Case

John W. Stokes, Jr., U. S. Atty., William Mallard, Julian M. Longley, Jr., Asst. U. S. Attys., Atlanta, Ga., Scott P. Crampton, Asst. Atty. Gen., John F. Murray, Benton Burroughs, Jr., Meyer Rothwacks, Elmer J. Kelsey, William S. Estabrook, III, Attys., Tax Div., U. S. Dept. of Justice, Washington, D. C., for defendant-appellant.

Kirk M. McAlpin, Herschel M. Bloom, Michael C. Russ, Atlanta, Ga., for plaintiff-appellee.

Before GODBOLD, SIMPSON and INGRAHAM, Circuit Judges.

INGRAHAM, Circuit Judge:

The issue on this appeal concerns the standard for measuring the amount of a corporation's liquid assets in determining the applicability of the tax imposed upon a corporation for not distributing to its shareholders the earnings and profits that exceed its reasonable business needs.1 More specifically, we must decide whether securities, which have appreciated substantially...

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