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GREENACRE FOUNDATION v. UNITED STATES

Appeal No. 85-741.

762 F.2d 965 (1985)

GREENACRE FOUNDATION, Appellant, v. The UNITED STATES, Appellee.

United States Court of Appeals, Federal Circuit.

May 16, 1985.

Attorney(s) appearing for the Case

Leonard Silverstein, Silverstein & Mullens, Washington, D.C., argued, for appellant. With him on brief was Deborah M. Beers.

Ann B. Durney, Tax Div., Dept. of Justice, Washington, D.C., argued, for appellee. With her on brief were Glenn L. Archer, Jr., Asst. Atty. Gen., Michael L. Paup and Patricia M. Bowman.

Before RICH and DAVIS, Circuit Judges, and COWEN, Senior Circuit Judge.

DAVIS, Circuit Judge.

The question is whether a tax-exempt private foundation is liable (under the special tax imposed by 26 U.S.C. § 4940) with respect to capital gains from sales of stocks donated to the foundation and shortly sold pursuant to pre-existing plan. In this refund suit, the Claims Court (Kozinski, C.J.) somewhat reluctantly held that such gains were to be included in the tax. 6 Cl.Ct. 113 (1984). On taxpayer's appeal, we affirm on the ground...

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