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BAYLEY v. COMMISSIONER OF INTERNAL REVENUE

No. 78-1421.

624 F.2d 884 (1980)

Alan J. BAYLEY and Barbara F. Bayley, Appellants, v. The COMMISSIONER OF INTERNAL REVENUE, Appellees.

United States Court of Appeals, Ninth Circuit.

June 2, 1980.

Attorney(s) appearing for the Case

Lawrence A. Aufmuth, Palo Alto, Cal. (argued), Arthur C. Rinsky, Ware, Fletcher & Freidenrich, Palo Alto, Cal., on brief, for appellants.

Wynette J. Hewett, Dept. of Justice, Washington, D. C. (argued), Michael L. Paup, Washington, D. C., on brief, for appellees.

Before GOODWIN and SKOPIL, Circuit Judges, and WILKINS, District Judge.

PER CURIAM.

Taxpayers appeal a Tax Court judgment sustaining the Commissioner's notice of deficiency for the tax year 1968. See 69 T.C. 234 (1977). We affirm.

The case turns upon the application of Treas.Reg. §§ 1.61-2(d)(5) and 1.421-6(d)(2) requiring the holder of restricted stock to report the stock as income in the year in which restrictions substantially affecting value are removed.

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