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SHIMBERG v. UNITED STATES

No. 76-3749.

577 F.2d 283 (1978)

Mandell SHIMBERG, Jr. and Elaine F. Shimberg, Plaintiffs-Appellees, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

July 28, 1978.

Attorney(s) appearing for the Case

John L. Briggs, U. S. Atty., Tampa, Fla., Scott P. Crampton, Asst. Atty. Gen., Gilbert E. Andrews, Acting Chief, Appellate Section, Myron C. Baum, Acting Asst. Atty. Gen., Ernest J. Brown, George G. Wolf, Attys., Tax Div., Dept. of Justice, Washington, D. C., for defendant-appellant.

Sherwin P. Simmons, Harold W. Mullis, Jr., William Kalish, Tampa, Fla., for plaintiffs-appellees.

Before BROWN, Chief Judge, and THORNBERRY and CLARK, Circuit Judges.

THORNBERRY, Circuit Judge:

If Justice Holmes was correct that "[t]axes are what we pay for civilized society,"1 then the question in this case is how much civilization the taxpayer will be required to purchase.

More precisely, we are asked to decide the proper tax treatment of a pro rata distribution of cash to shareholders in the course of a corporate reorganization. The taxpayer contends that this "boot" should be taxed as a...

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