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CORDNER v. UNITED STATES

No. 80-5459.

671 F.2d 367 (1982)

Warren C. CORDNER and Evelyn C. Cordner, Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided March 15, 1982.

Attorney(s) appearing for the Case

Thomas R. Sheppard, Sheppard, Mullin, Richter & Hampton, Los Angeles, Cal., argued, for plaintiffs-appellants; Michael D. Fernhoff, Sheppard, Mullin, Richter & Hampton, Los Angeles, Cal., on brief.

John A. Dudeck, Washington, D. C., argued, for defendant-appellee; M. Carr Ferguson, Michael L. Paup, Richard Farber, Richard D. Buik, Washington, D. C., on brief.

Before CHAMBERS, KENNEDY, and SCHROEDER, Circuit Judges.

KENNEDY, Circuit Judge:

Appellants own substantially all the outstanding shares of stock of First Thrift Investors, a California corporation, and they received 275 $20 Double Eagle gold coins as a corporate dividend distribution. The coins had been purchased by a First Thrift wholly-owned subsidiary at their fair market value and had been distributed to First Thrift Investors as a dividend. Appellants reported the dividend at the face value of the coins, $5,500, but...

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