FRIZZELLE FARMS, INC., Appellant,
v.
COMMISSIONER OF INTERNAL REVENUE, Appellee.
United States Court of Appeals, Fourth Circuit.https://leagle.com/images/logo.png
Argued March 6, 1975.
Decided March 17, 1975.
Attorney(s) appearing for the Case
Frank P. Meadows, Jr., Rocky Mount, N. C. (Biggs, Meadows, Batts & Winberry, Rocky Mount, N. C., on brief), for appellant.
James E. Johnson, Jr., Hull, Towill, Norman, Barret & Johnson, Augusta, Ga., and R. Grant Singleton, Singleton & Singleton, Myrtle Beach, S. C., on brief, for amicus curiae, Warner M. Lewis and Estate of Mary C. Lewis, Deceased, Warner M. Lewis, Executor.
George G. Wolf, Atty., Tax Div., U. S. Dept. of Justice (Gilbert E. Andrews, Michael L. Paup, Attys., Tax Div., U. S. Dept. of Justice, and Scott P. Crampton, Asst. Atty. Gen., on brief), for appellee.
Before WINTER, CRAVEN and RUSSELL, Circuit Judges.
United States Court of Appeals, Fourth Circuit.
PER CURIAM:
After hearing oral argument and considering the briefs, and after studying the record, we agree with the Tax Court, Frizzelle Farms, Inc., 61 T.C. 737 (1974), that the fair market value of warrants received by the taxpayer as a result of the merger of P. Lorillard Corporation into Loew's Theatres, Inc., may be determined by the over-the-counter purchase and sales transactions of such warrants. As a consequence, we agree...
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