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OTEY v. C. I. R.

No. 79-1183.

634 F.2d 1046 (1980)

John H. OTEY, Jr. and Bettye G. Otey, Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Appellant.

United States Court of Appeals, Sixth Circuit.

Decided November 25, 1980.

Attorney(s) appearing for the Case

M. Carr Ferguson, Asst. Atty. Gen., Gilbert Andrews, Crombid J. D. Garrett, James A. Riedy, Tax Division, U. S. Dept. of Justice, Washington, D. C., Stuart E. Seigel, Chief Counsel, Internal Revenue Service, Washington, D. C., for appellant.

Ervin M. Entrekin, Butler, Tune & Entrekin, Mark H. Westlake, Nashville, Tenn., for appellees.

Before WEICK, LIVELY and KENNEDY, Circuit Judges.

PER CURIAM.

The question in this case is whether the transfer of real estate by a partner, John H. Otey, Jr., to a partnership in which he had a 50% interest, Court Villa Apartments, was a sale or a contribution of capital. The Tax Court held that the transaction effected a contribution of capital, and the Commissioner appeals.

The facts surrounding the transaction were stipulated as follows:

On October 19, 1971, Petitioner (Otey) and Marion Thurman...

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