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KELLER STREET DEVELOPMENT CO. v. C. I. R.

No. 81-7335.

688 F.2d 675 (1982)

KELLER STREET DEVELOPMENT COMPANY, et al., Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided September 23, 1982.

Attorney(s) appearing for the Case

Robert J. Lowe, Kindel & Anderson, Los Angeles, Cal., argued, for petitioners-appellants; John W. Armagost, Los Angeles, Cal., on brief.

Kenneth L. Greene, Washington, D.C., argued, for respondent-appellee; Ann Belanger Durney, Washington, D.C., on brief.

Before HUG, TANG and PREGERSON, Circuit Judges.

HUG, Circuit Judge:

I

OVERVIEW

Keller Street Development Company ("Keller") appeals the Tax Court's decision that certain monies, received by Keller as a result of a sale of assets and subsequent litigation, are to be treated as ordinary income. Keller sold a brewery to Maier Brewing Company ("Maier") in 1958. The day after the sale, Keller's minority shareholders brought a derivative suit. After ten years of litigation in the California courts...

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