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FABACHER v. UNITED STATES

No. 71-2042 Summary Calendar.

454 F.2d 722 (1972)

Lawrence B. FABACHER and Mary A. Fabacher, Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

January 25, 1972.

Attorney(s) appearing for the Case

Floyd J. Logan, Gulfport, Miss., for plaintiffs-appellants.

Meyer Rothwacks, Tax Division, Dept. of Justice, Washington, D. C., Robert E. Hauberg, U. S. Atty., Jackson, Miss., Fred B. Ugast, Acting Asst. Atty. Gen., Tax Div., Dept. of Justice, Washington, D. C., Gilbert E. Andrews, Richard W. Perkins, Murray S. Horwitz, Attys., Tax Division, Dept. of Justice, Washington, D. C., for defendant-appellee.

Before BELL, AINSWORTH and GODBOLD, Circuit Judges.

PER CURIAM:

Taxpayers in 1960 purchased United States Treasury bonds at a cost of $170,746.88, exchanged them in 1961 for Treasury notes with par value of $176,000.00 and redeemed them at par in 1964. They did not report any gain arising from the redemption in either 1961 or 1964. The Commissioner assessed a deficiency for 1964 after an audit of years 1962 through 1965 and for each of those years imposed the five per cent negligence penalty pursuant to § 6653...

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