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PRICE v. UNITED STATES

No. C-75-512-G.

469 F.Supp. 754 (1978)

Gary L. PRICE and Lois W. Price, Plaintiffs, v. UNITED STATES of America, Defendants.

United States District Court, M. D. North Carolina, Greensboro Division.

March 2, 1978.

Attorney(s) appearing for the Case

Richard C. Forman, of Forman & Zuckerman, Greensboro, N. C., for plaintiffs.

H. M. Michaux, Jr., U. S. Atty., Greensboro, N. C., L. Bruce Locke and Helen E. Marmoll, Dept. of Justice, Washington, D. C., for defendants.

FINDINGS OF FACT, CONCLUSIONS OF LAW, AND ORDER

HIRAM H. WARD, District Judge.

Findings of Fact

This matter involves a lump sum distribution from a profit-sharing pension fund. The controlling issue before the Court is whether the cash distribution made in 1971 was properly taxed as ordinary income or whether the plaintiffs are entitled to capital gains treatment on that amount.

On January 1, 1968, Gary L. Price was a nonsalaried...

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