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C. I. R. v. GREENSPUN

No. 79-7624.

670 F.2d 123 (1982)

COMMISSIONER OF INTERNAL REVENUE, Petitioner-Appellant, v. Herman M. GREENSPUN and Barbara J. Greenspun, Respondents-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided February 24, 1982.

Attorney(s) appearing for the Case

Jonathan S. Cohen, Washington, D. C., argued, for petitioner-appellant; Gilbert E. Andrews, Helen A. Buckley, M. Carr Ferguson, N. Jerold Cohen, Washington, D. C., on brief.

Edward P. Morgan, Welch & Morgan, Washington, D. C., for respondents-appellees.

Before TANG and ALARCON, Circuit Judges, and ORRICK, District Judge.

TANG, Circuit Judge:

Herman M. Greenspun received a loan at a three percent interest rate when the prevailing market rate was six percent. The Commissioner of Internal Revenue (Commissioner) determined deficiencies in Greenspun's 1967 and 1969 federal income taxes on the theory that Greenspun had realized gross income in an amount equal to the economic value between the market rate of interest and the actual interest rate on his loan. The Tax Court found in favor...

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