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LAIRD v. UNITED STATES

No. 75-2113.

556 F.2d 1224 (1977)

E. Cody LAIRD and Joanne H. Laird, Plaintiffs-Appellants Cross-Appellees, v. UNITED STATES of America, Defendant-Appellee Cross-Appellant.

United States Court of Appeals, Fifth Circuit.

August 4, 1977.

Attorney(s) appearing for the Case

Harold E. Abrams, A. Stephens Clay, Emmet J. Bondurant, Atlanta, Ga., for plaintiffs-appellants cross-appellees.

John W. Stokes, Jr., U. S. Atty., William D. Mallard, Jr., Asst. U. S. Atty., Atlanta, Ga., Scott P. Crampton, Asst. Atty. Gen., Tax Div., Alfred S. Lombardi, Atty., Gilbert E. Andrews, Acting Chief, Appellate Section, Dept. of Justice, Washington, D. C., for defendant-appellee cross-appellant.

Before BROWN, Chief Judge, AINSWORTH, Circuit Judge, and JAMESON, District Judge.

AINSWORTH, Circuit Judge:

This suit for refund of federal income taxes involves the tax treatment of the purchase of the Atlanta Falcons professional football team franchise and the assets necessary to establish, field and operate the team. It arises out of the 1966 agreement between The Five Smiths, Inc. (Five Smiths) and the National Football League (NFL) in which, for $8.5 million, Five Smiths bought an NFL professional football franchise for Atlanta, together...

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