Lowndes v. United States

WINTER, Circuit Judge (by designation) :

This suit for refund of income taxes raises the questions of whether plaintiff Anne W. Lowndes received income taxable as long term capital gains or as ordinary income on the dates that four corporations, all of the issued and outstanding stock of which she had acquired, were liquidated and assets distributed, or whether she received income taxable as ordinary income on the dates that she acquired the stock of those corporations. Suit was filed by her and her husband because they filed joint income tax returns for the years in question. The transactions…