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SILVERSTEIN v. UNITED STATES

Civ. A. No. 71-2661.

349 F.Supp. 527 (1972)

Rafe and Juanita SILVERSTEIN, Plaintiffs, v. UNITED STATES of America, Defendant.

United States District Court, E. D. Louisiana.

September 14, 1972.

Attorney(s) appearing for the Case

Donald E. Theriot, Baton Rouge, La., for plaintiffs.

Fleming T. deGraffenried, for defendant.

ALVIN B. RUBIN, District Judge:

The sole issue is whether a transaction whereby the shareholders in a Subchapter S corporation caused corporate stock to be issued in exchange for their notes was a sham, to be disregarded for tax purposes, or whether it had the effect of increasing their basis in the corporate stock.

Taxpayers owned 60.8% of the stock of a Subchapter S Corporation, Gulf Tung Corporation, which was engaged in the business of raising and selling...

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