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SHILOWITZ v. UNITED STATES

Civ. A. No. 785-61.

221 F.Supp. 179 (1963)

Charles SHILOWITZ and Helen Shilowitz, Plaintiffs, v. UNITED STATES of America, Defendant.

United States District Court D. New Jersey.

August 30, 1963.

Attorney(s) appearing for the Case

Hannoch, Weisman, Myers, Stern & Besser, by Irwin I. Kimmelman, Newark, N. J., for plaintiffs.

David M. Satz, Jr., U. S. Atty., Sidney E. Zion, Asst. U. S. Atty., by Herman Wilson, Atty., Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Edward S. Smith, David A. Wilson, Jr., Herman Wilson, Attys., Dept. of Justice, Washington, D. C., on the brief), for defendant.

SHAW, District Judge.

Plaintiffs filed an Income Tax Return for the year, 1956, reporting as capital gain an amount of $45,000 derived from the sale of all interest which plaintiff, Charles Shilowitz (hereinafter referred to as "Shilowitz" or "the taxpayer"),1 held in two corporations. The Commissioner of Internal Revenue determined that this item did not constitute capital gain and should be treated, for tax purposes, as ordinary income...

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