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CARUTH v. UNITED STATES

No. 76-1654.

566 F.2d 901 (1978)

W. W. CARUTH, Jr. and First National Bank in Dallas, Trustees, Plaintiffs-Appellees, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

January 26, 1978.

Attorney(s) appearing for the Case

Michael P. Carnes, U. S. Atty., Fort Worth, Tex., Martha Joe Stroud, Dallas, Tex., Scott P. Crampton, Asst. Atty. Gen., Tax Div., Gilbert E. Andrews, Act. Chief, App. Section, U. S. Dept. of Justice, Washington, D. C., Jonathan S. Cohen, Atty., Richard Farber, Tax Div., Dept. of Justice, Washington, D. C., for defendant-appellant.

Vester T. Hughes, Jr., William D. Jordan, Sam J. Dealey, Dallas, Tex., for plaintiffs-appellees.

Before TUTTLE, COLEMAN and RONEY, Circuit Judges.

TUTTLE, Circuit Judge:

This is an appeal by the Government from a judgment in the trial court, sitting without a jury, in a tax refund suit. The only issue between the parties is the proper tax treatment of sales of real estate partly for cash and partly for promissory notes. More specifically, the question before us is the method of valuing the promissory notes received at the sale. Because substantial cash payments were...

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