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BLANCO v. UNITED STATES

No. 531-77.

602 F.2d 324 (1979)

Carlos and Emma BLANCO v. The UNITED STATES.

United States Court of Claims.

July 18, 1979.

Attorney(s) appearing for the Case

Towner Leeper, El Paso, Tex., for plaintiffs.

Donald H. Olson, Washington, D. C., with whom was Asst. Atty. Gen. M. Carr Ferguson, Washington, D. C., for defendant; Theodore D. Peyser, Washington, D. C., of counsel.

Before FRIEDMAN, Chief Judge, and NICHOLS and SMITH, Judges.

ON CROSS-MOTIONS FOR SUMMARY JUDGMENT

FRIEDMAN, Chief Judge:

This case, now before the court on cross-motions for summary judgment, involves a voluntary attempt by the plaintiffs to undo a completed transaction within the same taxable year in order to avoid the originally unforeseen tax consequences of that transaction. For the reasons discussed below, we conclude that the plaintiffs' endeavors must fail.

I.

In 1970, the plaintiffs, Carlos...

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