Legal Opinion
Payne v. Commissioner
Court of Appeals for the Fifth Circuit
Decided June 29, 1959No. Nos. 17643, 17644PublishedCited by 22 opinions
1Opinion of the Court
TUTTLE, Circuit Judge.
Petitioners here seek a reversal of the decision of the Tax Court which held that gain they realized from retirement of stock in several apartment corporations was taxable as ordinary income rather than as capital gains.
In 1950, Congress amended Section 117 of the Capital Gains Section of the Internal Revenue Code of 1939, 26 U.S.C.A. § 117 by excluding from the capital gains treatment of certain proceeds from retirement of capital stock gain received in liquidation or retirement of stock in a newly defined class of “collapsible” corporations.1
The statute defined such…
2Cases cited4 opinions
- Raymond G. Burge and Kathleen E. Burge v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Arthur Glickman Herman Glickman and Ruth Glickman and Aaron Glickmand and Freda Glickman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1958
- Carmack Et Ux. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1950
- Cohen v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1945
3Cited by22 opinions
- C. D. Spangler and Veva C. Spangler v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1960
- Rolland L. King and Arlene P. King v. United StatesCourt of Appeals for the Fifth Circuit · 1981
- Commissioner of Internal Revenue v. James B. Kelley and Lena S. Kelley, and John Waltman and Doris WaltmanCourt of Appeals for the Fifth Circuit · 1961
- Braunstein v. CommissionerCourt of Appeals for the Second Circuit · 1962
- Mintz v. CommissionerCourt of Appeals for the Second Circuit · 1960
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