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RUSHING v. C. I. R.

No. 30151.

441 F.2d 593 (1971)

W. B. RUSHING et al., Petitioners-Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Fifth Circuit.

April 19, 1971.

Attorney(s) appearing for the Case

Johnnie M. Walters, Asst. Atty. Gen., Tax Div., U. S. Dept. of Justice, Meyer Rothwacks, Harry Baum, Attys., K. Martin Worthy, Chief Counsel, I. R. S., Leonard J. Henzke, Jr., Atty., Dept. of Justice, Tax Div., Washington, D. C., for respondent-appellant.

Edward R. Smith, Smith & Baker, Lubbock, Tex., for petitioners-appellees.

Before GOLDBERG and DYER, Circuit Judges, and GROOMS, District Judge.

GOLDBERG, Circuit Judge.

Here we exhume a transaction which in the government's post mortem analysis imposes a different tax consequence than that asserted by the taxpayers.

The taxpayers, W. B. Rushing and Max Tidmore,1 each owned 50 percent of the stock in two corporations. In 1962 the taxpayers as directors voted to adopt a plan of liquidation for both corporations in accordance with the provisions of Internal Revenue Code ...

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