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NAHEY v. C.I.R.

No. 99-1149.

196 F.3d 866 (1999)

Brian L. NAHEY and Carol J. Nahey, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided November 17, 1999.

Rehearing and Rehearing Denied January 28, 2000.

Attorney(s) appearing for the Case

Robert A. Schnur (argued), Michael, Best & Friedrich, Milwaukee, WI, for Petitioners-Appellants.

Donald J. Tobin (argued), David I. Pincus, Department of Justice, Tax Division, Appellate Section, Washington, DC, George W. Bezold, Internal Revenue Service, Milwaukee, WI, William F. Hammack, Internal Revenue Service, Office of Regional Counsel (Midstates), Dallas, TX, for Respondent-Appellee.

Before POSNER, Chief Judge, and CUDAHY and KANNE, Circuit Judges.

Rehearing and Rehearing En Banc Denied January 28, 2000.

POSNER, Chief Judge.

This appeal from a decision by the Tax Court against the taxpayers, Brian Nahey and his wife, presents a question that one might (wrongly) have supposed resolved long ere now: if a legal claim for lost corporate income is sold as part of the sale of the corporation, and is later settled, are the proceeds of the settlement ordinary income or capital gain? The Tax Court held they were...

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