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BAUMER v. UNITED STATES

Nos. 76-3187 to 76-3189.

580 F.2d 863 (1978)

Erwin G. BAUMER and Clara S. Baumer, Plaintiffs-Appellees, Cross-Appellants, v. UNITED STATES of America, Defendant-Appellant. SEVEN EIGHTY-EIGHT GREENWOOD AVENUE CORPORATION, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied November 9, 1978.

Attorney(s) appearing for the Case

John W. Stokes, U. S. Atty., Atlanta, Ga., Gilbert E. Andrews, Act. Chief, Appellate Sect., Dept. of Justice, Washington, D. C., John A. Townsend, Myron C. Baum, Acting Asst. Atty. Gen., Gary R. Allen, Francis J. Gould, Attys., Tax Div., Dept. of Justice, Washington, D. C., for defendant-appellant.

Alex P. Gaines, Robert H. Hishon, Atlanta, Ga., for plaintiffs-appellees.

Before WISDOM, GOLDBERG and RUBIN, Circuit Judges.

Rehearing and Rehearing En Banc Denied November 9, 1978.

GOLDBERG, Circuit Judge:

This appeal presents a novel variation of the recurrent problem of determining the tax consequences of transactions between closely held corporations and their shareholders. Here a corporation granted an option to purchase a one-half interest in a parcel of real estate to the son of the corporation's sole shareholder for nominal consideration. In the proceedings below, the district...

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