JOSEPH GANN, INC., Petitioner, Appellant,
v.
COMMISSIONER OF INTERNAL REVENUE, Respondent, Appellee.
United States Court of Appeals, First Circuit.https://leagle.com/images/logo.png
Argued December 8, 1982.
Decided March 1, 1983.
Attorney(s) appearing for the Case
Steven A. Gabovitch, Lincoln, Mass., with whom William Gabovitch, Boston, Mass., was on brief, for petitioner, appellant.
Daniel F. Ross, Atty., Tax Div., Dept. of Justice, Washington, D.C., with whom Glenn L. Archer, Jr., Asst. Atty. Gen., Michael L. Paup, Atty., Tax Div., Dept. of Justice, and Richard Farber, Atty., Tax Div., Dept. of Justice, Washington, D.C., were on brief, for respondent, appellee.
Before COFFIN, Chief Judge, BREYER, Circuit Judge, and SMITH, Senior District Judge.
United States Court of Appeals, First Circuit.
PER CURIAM.
This appeal challenges a tax Court decision1 holding that Treasury Regulations Section 1.1012-1(c)(1) (1954 Code) (26 C.F.R.) is a valid regulation and is applicable to this case. The regulation provides that when a taxpayer sells stock without identifying which of several lots, purchased at different times and prices, has been sold, it will be presumed that the stock sold is the stock first acquired.
The corporate...
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