D. N. Stafford and Flora C. Stafford v. United States

RANDALL, Circuit Judge:

This case is on appeal from a summary judgment entered in favor of the taxpayer 1 requiring the government to refund $78,-475.82 of income taxes for the year 1969 based upon the conclusion of the district court that a limited partnership interest received by the taxpayer, for which he did not pay cash, was issued in exchange for property within the meaning of I.R.C. § 721 2 and was, therefore, not taxable. We do not think summary judgment was appropriate in this case. Accordingly, we reverse and remand.

I. FACTS

In the 1960’s taxpayer-appellee DeNean Stafford, who had…