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MURPHY v. C. I. R.

Nos. 80-1493, 80-1538.

661 F.2d 299 (1981)

Bruce G. MURPHY, Lou A. Murphy, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee. Joseph L. LYLE, Jr., Barbara S. Lyle, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Fourth Circuit.

Decided July 16, 1981.

Attorney(s) appearing for the Case

Edward S. Garcia, Virginia Beach, Va. (Bruce G. Murphy, pro se, on brief), for appellants.

R. Bruce Johnson, Tax Division, Dept. of Justice, Washington, D.C. (John F. Murray, Acting Asst. Atty. Gen., Washington, D.C., Michael L. Paup, Carleton D. Powell, Tax Division, Dept. of Justice, Washington, D.C., on brief), for appellee.

Before BRYAN, Senior Circuit Judge, and RUSSELL and HALL, Circuit Judges:

PER CURIAM:

The issue in these consolidated cases is whether a purchase and sale of undivided interests in Portugal Wines, Ltd. (which did not exist) represent a purchase and sale of capital assets entitled to capital gains tax treatment under § 1221. Internal Revenue Code of 1954, 26 U.S.C., in the Federal income tax returns of the appellants (taxpayers) for the years 1972 and 1973.1 Jurisdiction for the actions is based on §...

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