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CHERTKOF v. C. I. R.

No. 80-1221.

649 F.2d 264 (1981)

Jack O. CHERTKOF and Sophie Chertkof, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Fourth Circuit.

Decided May 21, 1981.

Attorney(s) appearing for the Case

Richard E. Levine, Baltimore, Md. (Theodore W. Hirsh, Miles & Stockbridge, Baltimore, Md., on brief), for appellants.

Kristina E. Harrigan, Tax Division, Dept. of Justice (Michael L. Paup, Jonathan S. Cohen, Tax Division, Dept. of Justice, M. Carr Ferguson, Asst. Atty. Gen., Washington, D. C., on brief), for appellee.

Before WINTER, SPROUSE and ERVIN, Circuit Judges.

SPROUSE, Circuit Judge:

This is an appeal by Jack O. Chertkof ("Taxpayer") and Sophie Chertkof, his wife (jointly "Taxpayers"), from a decision of the United States Tax Court finding that they are liable for the tax on a corporate distribution in redemption of shares of stock at ordinary income rates.

The Taxpayer, his father, David W. Chertkof, and W. J. Smith organized the E & T Realty Company in 1941, which...

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