Court of Appeals for the Fifth Circuit August 12, 1977, 75-3263 (Harold P. Dahlgren v. United States)

TUTTLE, Circuit Judge:

The issue before the jury in this income tax refund suit was whether ownership by taxpayer of 79.975% of the capital stock of the company to which he made a sale of depreciable property was ownership of “more than 80 percent

in value

of the outstanding stock . . . .” [emphasis added] within contemplation of § 1239(a)(1) of the Internal Revenue Code of 1954.