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PEEBLES v. UNITED STATES

No. 2622.

208 F.Supp. 385 (1962)

E. B. PEEBLES, Jr., and Lee Baldwin Peebles, Plaintiffs, v. UNITED STATES of America, Defendant.

United States District Court S. D. Alabama, S. D.

August 31, 1962.

Attorney(s) appearing for the Case

Marshall J. DeMouy, of Armbrecht, Jackson, McConnell & DeMouy, Mobile, Ala., for plaintiffs.

Louis F. Oberdorfer, Asst. Atty. Gen., Washington, D. C., Vernol R. Jansen, Jr., U. S. Atty., Mobile, Ala., Edward S. Smith, Myron C. Baum, and Hubert M. Doster, Attys., Dept. of Justice, Washington, D. C., for defendant.

DANIEL HOLCOMBE THOMAS, District Judge.

This is a suit to recover from Defendant an over-payment of Federal Income Taxes collected from Plaintiffs for Plaintiffs' taxable year ended December 31, 1955. The sole issue for determination is whether a lump sum distribution received by E. B. PEEBLES, JR., Plaintiff-employee, in August 1955, from the retirement plan of Waterman Steamship Corporation should be taxed as a long term capital gain or as ordinary income.

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