Martin Weiner and Tillie Weiner v. Commissioner of Internal Revenue

Third Circuit

Martin Weiner and Tillie Weiner v. Commissioner of Internal Revenue

316 F.2d 473, 11 A.F.T.R.2d (RIA) 1316, 1963 U.S. App. LEXIS 5506

CourtCourt of Appeals for the Third Circuit

DecidedApril 22, 1963

Docket14151

StatusPublished

Cited by2 cases

This text of 316 F.2d 473 (Martin Weiner and Tillie Weiner v. Commissioner of Internal Revenue) is published on Counsel Stack Legal Research, covering Court of Appeals for the Third Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Martin Weiner and Tillie Weiner v. Commissioner of Internal Revenue, 316 F.2d 473, 11 A.F.T.R.2d (RIA) 1316, 1963 U.S. App. LEXIS 5506 (3d Cir. 1963).

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Opinion

PER CURIAM.

We here review an unreported decision of the Tax Court of the United States. The substance of the issue presented is whether the Tax Court erred in holding that gain on the disposition of the Regency Textiles, Inc. note was taxable as ordinary income or was entitled to treatment as a long-term capital gain under Section 1222(3) of the Internal Revenue Code of 1954, 26 U.S.C.A. § 1222(3). The essence of the question is whether there was or was not a bona, fide sale or exchange of the note which requires recognition for tax purposes. The Tax Court, in a well reasoned opinion by Judge Atkins, answered this question in the negative and concluded therefore that the gain was taxable as ordinary income. Upon review of the facts and of the law we can perceive no error in the decision of the Tax Court. Accordingly, it will be affirmed.

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PER CURIAM.

We here review an unreported decision of the Tax Court of the United States. The substance of the issue presented is whether the Tax Court erred in holding that gain on the disposition of the Regency Textiles, Inc. note was taxable as ordinary income or was entitled to treatment as a long-term capital gain under Section 1222(3) of the Internal Revenue Code of 1954, 26 U.S.C.A. § 1222(3). The essence of the question is whether there was or was not a bona, fide sale or exchange of the note which requires recognition for tax purposes. The Tax Court, in a well reasoned opinion by Judge Atkins, answered this question in the negative and concluded therefore that the gain was taxable as ordinary income. Upon review of the facts and of the law we can perceive no error in the decision of the Tax Court. Accordingly, it will be affirmed.

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316 F.2d 473, 11 A.F.T.R.2d (RIA) 1316, 1963 U.S. App. LEXIS 5506, Counsel Stack Legal Research, https://law.counselstack.com/opinion/martin-weiner-and-tillie-weiner-v-commissioner-of-internal-revenue-ca3-1963.

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