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KREIDER v. C.I.R.

No. 84-2070.

762 F.2d 580 (1985)

Gene L. KREIDER and Estate of Berniece L. Kreider, Deceased, Gene L. Kreider, Executor, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided May 28, 1985.

Attorney(s) appearing for the Case

David T. Lumerman, John J. Vassen Professional Corp., Belleville, Ill., for petitioners-appellants.

Michael L. Roach, Asst. Atty. Gen., Tax Div., Dept. of Justice, Washington, D.C., for respondent-appellee.

Before WOOD and FLAUM, Circuit Judges, and PELL, Senior Circuit Judge.

FLAUM, Circuit Judge.

Petitioner-appellant Gene L. Kreider, individually and as executor of the estate of his deceased wife, Berniece L. Kreider, appeals from a decision of the United States Tax Court characterizing a $631,383.80 payment that the Kreiders received in 1977 upon the sale of their trucking company. The issues presented on appeal are: (1) whether the payment in question constituted consideration for the Kreiders' stock in the company, consideration for...

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