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WALKER v. C. I. R.

Nos. 74-1280, 74-1314, 74-1187.

544 F.2d 419 (1976)

Jay F. WALKER and Beatrice Walker, Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Appellant. Jay F. WALKER and Beatrice Walker, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee. Newell E. FAIT and Helen B. Fait, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Ninth Circuit.

October 22, 1976.

Attorney(s) appearing for the Case

James E. Murphy (argued), of Gibson, Dunn & Crutcher, Los Angeles, Cal., for Newell Fait and Helen Fait.

Frank DeMarco (argued), of DeMarco, Beral, Greenberg, Thrall & Slusher, Robert L. Weiner (argued), of Weiner & Rotman, Los Angeles, Cal., for Jay and Beatrice Walker.

Ann B. Durney, Atty. (argued), of Tax Div., U.S. Dept. of Justice, Washington, D.C., for C. I. R.

Before CARTER, TRASK and GOODWIN, Circuit Judges.

TRASK, Circuit Judge:

Multiple appeals have arisen here from the determinations by the United States Tax Court of the tax liability of a buyer and a seller of corporate stock. The sale took place almost contemporaneously with a distribution of funds as dividends on the stock. Deficiencies were determined in the income taxes due from both buyer and seller. The Tax Court's decision was filed on October 26, 1972. Walker v. Commissioner, 41 Tax.Ct. Mem. Dec. (P...

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