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KRAUT v. C. I. R.

Nos. 359-360, Dockets 75-4124, 75-4125.

527 F.2d 1014 (1975)

Aaron KRAUT et al., Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Second Circuit.

Decided December 31, 1975.

Attorney(s) appearing for the Case

Hermann Rogge, New York City (O. John Rogge, New York City; Sidney N. Solomon, Lake Success, N. Y.), for petitioners-appellants.

Michael L. Paup, Atty., Tax Div., Dept. of Justice, Washington, D. C. (Scott P. Crampton, Asst. Atty. Gen., Gilbert E. Andrews, Jeffrey S. Blum, Attys., Tax Div., Dept. of Justice, Washington, D. C.), for respondent-appellee.

Before LUMBARD, FRIENDLY and MULLIGAN, Circuit Judges.

MULLIGAN, Circuit Judge:

These appeals by taxpayers raise once again the question of the tax consequences under § 1222(3)1 of the Internal Revenue Code of 1954 of a sale of stock by an ordinary seller to a tax-exempt purchaser, when the sale is financed by the profits of the sold business. See CIR v. Brown, 380 U.S. 563, 85 S.Ct. 1162, 14 L.Ed.2d 75 (1965) (Clay Brown). The transactions...

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