Court of Appeals for the Tenth Circuit January 27, 1967, 8603 (R. A. Babcock and Norma L. Babcock v. V. Lee Phillips)

HICKEY, Circuit Judge.

The sole issue to be determined on this review is whether funds distributed to appellants

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2

were taxable as ordinary income or as long term capital gain. The trial court determined that the transactions which made the distribution available constituted a corporate reorganization which did not qualify all of the distribution for capital gain treatment.