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FABENS v. C. I. R.

No. 75-1057.

519 F.2d 1310 (1975)

Augustus J. FABENS, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, First Circuit.

Decided June 30, 1975.

Attorney(s) appearing for the Case

James Sawyer, Great Neck, N. Y., with whom Charles R. Van De Walle, Great Neck, N. Y., was on brief, for appellant.

Arthur L. Bailey, Atty., Tax Div., Dept. of Justice, with whom Scott P. Crampton, Asst. Atty. Gen., Gilbert E. Andrews, and Jonathan S. Cohen, Attys., Tax Div., Dept. of Justice, Washington, D. C., on brief, for appellee.

Before COFFIN, Chief Judge, McENTEE and CAMPBELL, Circuit Judges.

McENTEE, Circuit Judge.

The parties stipulated that from 1953 to 1969 taxpayer Fabens maintained in a trust account municipal bonds, the income from which was tax-exempt, and other securities the income from which was taxable. The trust also realized capital gains and losses from transactions involving its holdings. Upon termination the fair market value of the trust assets included a considerable amount of unrealized capital...

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