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WEST SHORE FUEL, INC. v. UNITED STATES

No. 655, Docket 78-6021.

598 F.2d 1236 (1979)

WEST SHORE FUEL, INC., Appellant, v. UNITED STATES of America, Appellee. Ruth A. KOLB, Appellant, v. UNITED STATES of America, Appellee.

United States Court of Appeals, Second Circuit.

Decided April 23, 1979.

Attorney(s) appearing for the Case

David Sweet, Heffernan, Sweet, Murphy & Flierl, Buffalo, N. Y., for appellants.

Jonathan S. Cohen, Tax Div., Dept. of Justice, Washington, D. C. (M. Carr Ferguson, Asst. Atty. Gen., Gilbert E. Andrews, Timothy B. McBride, Attys., Tax Div., Dept. of Justice, Washington, D. C., Richard J. Arcara, U. S. Atty. for the Western District of New York, Buffalo, N. Y., of counsel), for appellee.

Before LUMBARD, OAKES, and VAN GRAAFEILAND, Circuit Judges.

OAKES, Circuit Judge:

The question when income is taxable under the intricate provisions of the Internal Revenue Code is seldom a simple one. The income here consisted of gain that the taxpayers realized on the disposition of their stock in the American Steamship Company for cash and notes of an acquiring corporation. The question is whether the notes constituted "evidences of indebtedness of the purchaser," in which case taxpayers are entitled to report their gain...

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