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TOYE v. UNITED STATES

Civ. A. 5942.

157 F.Supp. 123 (1957)

Frank C. TOYE, John L. Toye and Robert Toye, Jr., Plaintiffs, v. UNITED STATES of America, Defendant.

United States District Court E. D. Louisiana, New Orleans Division.

November 22, 1957.

Attorney(s) appearing for the Case

Deutsch, Kerrigan & Stiles, Rene Himel, New Orleans, La., for plaintiffs.

M. Hepburn Many, New Orleans, La., Lester L. Gibson, Washington, D. C., for defendant.

J. SKELLY WRIGHT, District Judge.

This case presents the question whether income received from liquidation of a frozen bank deposit in the hands of a transferee is subject to capital gains treatment under Section 117(f)1 of the Revenue Act of 1934.

In September, 1947, the taxpayer purchased a frozen bank deposit in the Hibernia Bank and Trust Company in Liquidation. To consummate the sale, it was necessary under the bank rules...

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