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GILBERT v. C.I.R.

No. 607, Docket 76-4170.

552 F.2d 478 (1977)

Edward M. GILBERT, Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Second Circuit.

Decided April 4, 1977.

Attorney(s) appearing for the Case

Robert D. Whoriskey, New York City (Curtis, Mallet-Prevost, Colt & Mosle, Peter E. Fleming, Jr., John E. Sprizzo and James M. Boyd, New York City, on the brief), for appellant.

Jonathan S. Cohen, Atty., Tax Div., Dept. of Justice, Washington, D.C. (Scott P. Crampton, Asst. Atty. Gen., Gilbert E. Andrews and F. Arnold Heller, Attys., Tax Div., Dept. of Justice, Washington, D.C., on the brief), for appellee.

Before LUMBARD and FEINBERG, Circuit Judges, and COFFRIN, District Judge.

LUMBARD, Circuit Judge:

The taxpayer Edward M. Gilbert appeals from a determination by the tax court that he realized taxable income on certain unauthorized withdrawals of corporate funds made by him in 1962. We reverse.

Until June 12, 1962, Gilbert was president, principal stockholder, and a director of the E. L. Bruce Company, Inc., a New York corporation which was engaged in the lumber supply business. In 1961 and early 1962 Gilbert acquired on margin substantial...

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