Cato v. United States

Fifth Circuit

Cato v. United States

442 F.2d 927

CourtCourt of Appeals for the Fifth Circuit

DecidedApril 30, 1971

DocketNo. 31050

StatusPublished

Cited by1 cases

This text of 442 F.2d 927 (Cato v. United States) is published on Counsel Stack Legal Research, covering Court of Appeals for the Fifth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cato v. United States, 442 F.2d 927 (5th Cir. 1971).

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Opinion

PER CURIAM:

We conclude that it would require an extreme distortion in both legislative policy and the language effecting it to hold that the trial court erred in holding in favor of the United States in this federal income tax case by directing a verdict for the government.

We agree with the trial court that the gain portion of sums withdrawn by the taxpayers from pledged savings accounts assigned to them do not qualify for long-term capital gains treatment for tax purposes (see Redak v. Commissioner, 27 TCM 1053 [1968]).

The judgment is affirmed.

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PER CURIAM:

We conclude that it would require an extreme distortion in both legislative policy and the language effecting it to hold that the trial court erred in holding in favor of the United States in this federal income tax case by directing a verdict for the government.

We agree with the trial court that the gain portion of sums withdrawn by the taxpayers from pledged savings accounts assigned to them do not qualify for long-term capital gains treatment for tax purposes (see Redak v. Commissioner, 27 TCM 1053 [1968]).

The judgment is affirmed.

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Bluebook (online)

442 F.2d 927, Counsel Stack Legal Research, https://law.counselstack.com/opinion/cato-v-united-states-ca5-1971.

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