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BROWN v. UNITED STATES

Civ. No. 67-283.

292 F.Supp. 527 (1968)

Dorothy E. BROWN and Donald Lee Brown and United States National Bank of Oregon, Co-Trustees under trust agreement dated April 10, 1962, sole residuary legatees of the estate of Clay B. Brown, Deceased, Plaintiffs, v. UNITED STATES of America, Defendant.

United States District Court D. Oregon.

October 17, 1968.

Attorney(s) appearing for the Case

William H. Kinsey and Stephen B. Hill, Portland, Or., for plaintiffs.

Jerome Fink and Edward Ord, Dept. of Justice, Washington, D. C., Sidney I. Lezak, U. S. Atty., Portland, Or., for defendant.

OPINION

SOLOMON, Chief Judge:

The residuary legatees of the estate of Clay Brown filed this action to recover additional income taxes which the Commissioner of Internal Revenue (Commissioner) assessed for the year 1956. The Commissioner taxed as ordinary income the difference between the acquisition price and the fair market value of stock which Mr. Brown (taxpayer) acquired by exercising an employee stock option. The Commissioner asserts that the option...

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