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ERTEGUN v. C. I. R.

Nos. 553, 756, 757, Dockets 75-4193, 75-4194, 75-4195.

531 F.2d 1156 (1976)

Ahmet ERTEGUN and Ioana Ertegun, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee. Gerald WEXLER and Shirley Wexler, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee. Nesuhi ERTEGUN and Belkis Ertegun, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Second Circuit.

Decided March 9, 1976.

Attorney(s) appearing for the Case

Alfred D. Youngwood, New York City (Paul, Weiss, Rifkind, Wharton & Garrison, George P. Felleman and Mark M. Weinstein, New York City, of counsel), for appellants.

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

Before LUMBARD, SMITH and MANS-FIELD, Circuit Judges.

J. JOSEPH SMITH, Circuit Judge:

Until December 1, 1967, Atlantic Records Sales Company, Inc. was a closely-held corporation, qualifying for and electing to receive the special tax treatment of Subchapter S of the Internal Revenue Code. 26 U.S.C. § 1371 et seq. The appellants are the former shareholders of Atlantic who, pursuant to the provisions of Subchapter S, included Atlantic's undistributed taxable income in their own gross (and therefore taxable...

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