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PARAMONT LAND CO. v. UNITED STATES

No. 83-1318.

727 F.2d 322 (1984)

PARAMONT LAND COMPANY, INC., Appellant, v. UNITED STATES of America, Appellee.

United States Court of Appeals, Fourth Circuit.

Decided January 31, 1984.

Attorney(s) appearing for the Case

Darrell L. Saunders, Anchorage, Ky. (Terry E. Forcht, Forcht & Trimble, P.S.C., Corbin, Ky., Donald R. Pippin, Pippin & Pippin, Norton, Va., on brief), for appellant.

Bruce R. Ellisen, Tax Div., Dept. of Justice, Washington, D.C. (John P. Alderman, U.S. Atty., Roanoke, Va., Glenn L. Archer, Jr., Asst. Atty. Gen., Michael L. Paup, Ann Belanger Durney, Tax Div., Dept. of Justice, Washington, D.C., on brief), for appellee.

Before RUSSELL and SPROUSE, Circuit Judges, and BRYAN, Senior Circuit Judge.

SPROUSE, Circuit Judge:

Paramont Land Company, Inc. (Paramont), appeals from the district court's judgment, 556 F.Supp. 815, affirming the Commissioner of Internal Revenue's assessment of a capital gains tax on coal royalties Paramont received for the year 1974. Paramont's principal contention on appeal is that its status as Subchapter S corporation exempted it from the tax assessment. We affirm.

Paramont began its coal...

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