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BATES v. UNITED STATES

Nos. 76-2073-78.

581 F.2d 575 (1978)

Alfred O. and Margaret A. BATES et al., Appellants, v. The UNITED STATES of America, Appellee.

United States Court of Appeals, Sixth Circuit.

Decided July 21, 1978.

Attorney(s) appearing for the Case

Robert E. Glaser, Hugh M. Stanley, Jr., Arter & Hadden, Cleveland, Ohio, for appellants.

Frederick M. Coleman, U.S. Atty., Cleveland, Ohio, Scott P. Crampton, Asst. Atty. Gen., Gilbert Andrews, Tax Division, U.S. Dept. of Justice, Washington, D.C., Myron C. Baum, Michael L. Paup, Robert T. Duffy, Washington, D.C., for appellee.

Before CELEBREZZE, LIVELY and KEITH, Circuit Judges.

LIVELY, Circuit Judge.

This case concerns the requirements which must be met for a taxpayer to be entitled to the favorable tax treatment extended by Section 1244 of the Internal Revenue Code of 1954, 26 U.S.C. § 1244 (1970).1

Ordinarily when an investment in a corporation becomes worthless, the investor's loss is treated as a capital loss, the deductibility of which is limited by § 1211 of the Code. When a loss is suffered...

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