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MILLAR v. C. I. R.

No. 75-2296.

540 F.2d 184 (1976)

Gavin S. MILLAR, Appellant, v. COMMISSIONER OF INTERNAL REVENUE. (Tax Court Docket No. 5884-72) John R. JAMISON and Suzon G. Jamison, Appellants, v. COMMISSIONER OF INTERNAL REVENUE. (Tax Court Docket No. 5885-72) Philip D. RODGERS and Elizabeth C. Rodgers, his wife, Appellants, v. COMMISSIONER OF INTERNAL REVENUE. (Tax Court Docket No. 5888-72) Philip R. JAMISON and Helen L. S. Jamison, his wife, Appellants, v. COMMISSIONER OF INTERNAL REVENUE. (Tax Court Docket No. 5889-72) James L. TENLEY and Betty J. Tenley, his wife, Appellants, v. COMMISSIONER OF INTERNAL REVENUE. (Tax Court Docket No. 5892-72) Robert K. CONRAD and Jane H. Conrad, his wife, Appellants, v. COMMISSIONER OF INTERNAL REVENUE. (Tax Court Docket No. 5893-72)

United States Court of Appeals, Third Circuit.

Decided August 12, 1976.

Attorney(s) appearing for the Case

Edmund W. Ridall, Jr., McCann, Garland, Ridall & Burke, Pittsburgh, Pa., for appellants.

Scott P. Crampton, Asst. Atty. Gen., William Estabrook, III, Gilbert E. Andrews, Michael L. Paup, Libero Marinelli, Jr., Attys., Tax Div., Dept. of Justice, Washington, D.C., for appellee.

Before SEITZ, Chief Judge, and ALDISERT and GARTH, Circuit Judges.

OPINION OF THE COURT

SEITZ, Chief Judge.

This is an appeal from a decision of the Tax Court which held that the petitioner taxpayers realized taxable gain in the form of cancellation of indebtedness upon the surrender of their stock in Grant County Coal Corporation ("Grant County") to R. H. Jamison in complete satisfaction of their non-recourse obligations to him secured by the same, even though their stock had...

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