Coye C. MASON and Lois T. Mason, Plaintiffs-Appellees, Cross-Appellants,
v.
UNITED STATES of America, Defendant-Appellant, Cross-Appellee.
United States Court of Appeals, Seventh Circuit.https://leagle.com/images/logo.png
Argued November 12, 1974.
Decided March 17, 1975.
Attorney(s) appearing for the Case
James R. Thompson, U. S. Atty. and Gary L. Starkman, Asst. U. S. Atty., Chicago, Ill., Scott P. Crampton, Asst. Atty. Gen., Jonathan S. Cohen, Atty., Tax Div., Dept. of Justice, Washington, D. C., for United States.
Stuart Duhl, Chicago, Ill., for Mason.
Before CASTLE, Senior Judge, and STEVENS and SPRECHER, Circuit Judges.
United States Court of Appeals, Seventh Circuit.
STEVENS, Circuit Judge.
Before 19691 taxpayer sold property to a charity for a stated price substantially equal to the fair market value of the property; the price was paid by the charity's delivery of a small amount of cash and an unsecured long-term promissory note in the amount of the balance. The market value of the note was substantially lower than its face amount. The questions presented by this appeal are (1) whether the taxpayer...
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