Braunstein v. Commissioner of Internal Revenue (371 U.S. 933)/Opinion of the Court

United States Supreme Court

371 U.S. 933

Braunstein  v.  Commissioner of Internal Revenue

Petition for writ of certiorari to the United States Court of Appeals for the Second Circuit granted limited to the following question:

'1. Whether Section 117(m) of the Internal Revenue Code of 1939 [[[26 U.S.C.A. § 117]](m)], which provides that gain 'from the sale or exchange * * * of stock of a collapsible corporation' is taxable as ordinary income rather than capital gain, is inapplicable in circumstances where the stockholders would have been entitled to capital-gains treatment had they conducted the enterprise in their individual capacities without utilizing a corporation.'

The case is placed on the summary calendar.

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