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SWAIM v. UNITED STATES

No. 79-3244.

651 F.2d 1066 (1981)

Emsy H. SWAIM and Annie Swaim, Plaintiffs-Appellees Cross Appellants, v. UNITED STATES of America, Defendant-Appellant Cross Appellee.

United States Court of Appeals, Fifth Circuit. Unit A.

July 27, 1981.

Attorney(s) appearing for the Case

Robert A. Bernstein, Aaron P. Rosenfeld, Ernest J. Brown, M. Carr Ferguson, Asst. Atty. Gen., Gilbert E. Andrews, Chief, Appellate Section, Dept. of Justice, Tax Div., Washington, D.C., for defendant-appellant cross appellee.

Thompson, Knight, Simmons & Bullion, Eugene W. Brees, II, Joe A. Rudberg, James Y. Robb, III, Dallas, Tex., for plaintiffs-appellees cross appellants.

Before WISDOM, POLITZ and SAM D. JOHNSON, Circuit Judges.

POLITZ, Circuit Judge:

In 1965, taxpayers Emsy H. and Annie J. Swaim, in unrelated transactions, conveyed two pieces of real property, one located in Hale County, Texas, and the other situated in Concho County, Texas. This appeal involves the federal income tax consequences of those conveyances. The Internal Revenue Service assessed a tax deficiency of $26,430.28 plus interest for the year 1965 based on (1) a taxable gain of $41,771.421

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