Jerome J. PETERSON and Lawrence A. Peterson, Appellants,
v.
UNITED STATES of America, Appellee.
United States Court of Appeals, Eighth Circuit.https://leagle.com/images/logo.png
Submitted October 12, 1983.
Decided December 15, 1983.
Attorney(s) appearing for the Case
Glenn L. Archer, Jr., Asst. Atty. Gen., Michael L. Paup, Richard Farber, Bruce R. Ellisen, Attys., Tax Div., Dept. of Justice, Washington, D.C., for appellee; James M. Rosenbaum, U.S. Atty., Minneapolis, Minn., of counsel.
Lang, Pauly & Gregerson, Ltd., Robert I. Lang, Minneapolis, Minn., for appellants Jerome J. Peterson and Lawrence A. Peterson.
Before LAY, Chief Judge, and HEANEY and ARNOLD, Circuit Judges.
United States Court of Appeals, Eighth Circuit.
PER CURIAM.
Jerome J. and Lawrence A. Peterson appeal from an order of the District Court1 finding that $322,084 earned from the sale of their business was taxable under the assignment-of-income doctrine. The Petersons were sole shareholders of Peterson Seed Co. of Minnesota. After adopting a plan of liquidation under 26 U.S.C. § 337, Peterson Seed Co. sold all of its assets and property to Pioneer Hi-Bred International, Inc., for...
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