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GULF INLAND CORP. v. UNITED STATES

No. 75-3767.

570 F.2d 1277 (1978)

GULF INLAND CORPORATION, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

April 7, 1978.

Attorney(s) appearing for the Case

Donald E. Walter, U. S. Atty., Lawrence L. Jones, Asst. U. S. Atty., Shreveport, La., Scott P. Crampton, Asst. Atty. Gen., Tax Div., U. S. Dept. of Justice, Michael L. Paup, Joseph L. Liegl, Gilbert E. Andrews, Act. Chief, App. Sec., U. S. Dept. of Justice, Gary R. Allen, Tax Division, U. S. Dept. of Justice, Washington, D. C., Eugene G. Sayre, Tax Div., Dept. of Justice, Dallas, Tex., for defendant-appellant.

Albert Mintz, Machale A. Miller, New Orleans, La., for plaintiff-appellee.

Joseph B. Brennan, Walter H. Wingfield, Atlanta, Ga., for amicus curiae.

Before GEWIN, RONEY and HILL, Circuit Judges.

RONEY, Circuit Judge:

Internal Revenue Code § 541 imposes a penalty tax on the undistributed income of personal holding companies. To avoid that levy, Gulf Inland distributed appreciated property to its shareholders. Under Treas.Reg. § 1.562-1(a) (1958), Gulf Inland could only take a deduction from income for the adjusted basis of the property, even though the shareholders who received it would have to pay individual taxes on the higher fair market value...

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