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CATES v. C.I.R.

No. 82-8363.

716 F.2d 1387 (1983)

Goodwyn CATES and Wynelle J. Cates, and Charles O. Cates, Jr., and the Estate of Billie B. Cates, Deceased, Charles O. Cates, Jr., Administrator, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Eleventh Circuit.

October 11, 1983.

Attorney(s) appearing for the Case

James R. Harper, Atlanta, Ga., for petitioners-appellants.

Glenn L. Archer, Jr., Asst. Atty. Gen., Michael L. Paup, Chief, Appellate Section, William S. Estabrook, William P. Wang, Tax Div., Dept. of Justice, Washington, D.C., for respondent-appellee.

Before JOHNSON and HENDERSON, Circuit Judges, and ALLGOOD, District Judge.

ALLGOOD, District Judge:

This appeal is from a decision of the United States Tax Court1 holding that the appellants/taxpayers (taxpayers) had realized short term capital gains from the sale of their stock options in Metro "400," Inc. (Metro) and that taxpayers were liable for a 5 percent addition to tax pursuant to Section 6653(a) of the Internal Revenue Code of 1954 [26 U.S.C. 6653(a)].

In early 1972 Calvin Thomas (Calvin) learned...

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