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CHILDERS v. UNITED STATES

No. 75-2114.

542 F.2d 1243 (1976)

Earl L. CHILDERS and Ethel Y. Childers, Appellants, v. UNITED STATES of America, Appellee.

United States Court of Appeals, Fourth Circuit.

Decided October 21, 1976.

Attorney(s) appearing for the Case

Harold E. Starke, Jr. and James C. Roberts, Richmond, Va. (Mays, Valentine, Davenport & Moore, Richmond, Va., Robert Wandrei, Radford and Wandrei, Bedford, Va., on brief), for appellants.

Carleton D. Powell, Atty., Tax Div., Dept. of Justice, Washington, D. C. (Scott P. Crampton, Asst. Atty. Gen., Gilbert E. Andrews and Grant W. Wiprud, Attys., Tax Div., Dept. of Justice, Washington, D. C. and Paul R. Thomson, Jr., U. S. Atty., Roanoke, Va., on brief), for appellee.

Before RUSSELL, Circuit Judge, and FIELD, Senior Circuit Judge, and WIDENER, Circuit Judge.

RUSSELL, Circuit Judge.

This appeal arises out of a federal tax assessment made pursuant to § 1239, 26 U.S.C., based upon a denial of capital gains treatment of the profit derived from a sale of depreciable property by the taxpayer Earl Childers1 to a corporation, of which it is claimed he owned more than 80% "in value." The taxpayer paid the tax and sued in the District Court to recover. From a judgment entered upon a jury verdict...

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