MOLASKY v. C.I.R.

No. 88-2734.

897 F.2d 334 (1990)

Allan & Gloria MOLASKY, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Eighth Circuit.

Decided February 27, 1990.

Rehearing Denied May 10, 1990.


Attorney(s) appearing for the Case

David Sosne, Clayton, Mo., for appellants.

David I. Pincus, Washington, D.C., for appellee.

Before FAGG, Circuit Judge, FLOYD R. GIBSON and BRIGHT, Senior Circuit Judges.


BRIGHT, Senior Circuit Judge.

Allan and Gloria Molasky, husband and wife, appeal the tax court's decision assessing a $187,649.00 deficiency in income tax due for the 1981 tax year. On appeal, the Molaskys contend that the tax court erroneously upheld a $354,200 noncompetition provision in an agreement negotiated by Allan Molasky for the sale of a family business, a closely held corporation. The Molaskys further contest the tax court's conclusion that $324,000 of...

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