Edward A. Pielemeier and Edward A. Pielemeier as of the Estate of Marion A. Pielemeier v. United States of America, Robert E. Pielemeier and Arlene M. Pielemeier v. United States

543 F.2d 81 76-2 USTC P 9744 Edward A. PIELEMEIER and Edward A. Pielemeier as Executor of the Estate of Marion A. Pielemeier, Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee. Robert E. PIELEMEIER and Arlene M. Pielemeier, Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee. Nos. 74-3150, 74-3151. United States Court of Appeals, Ninth Circuit. Oct. 15, 1976. McGee Grigsby (argued), of Latham & Watkins, Los Angeles, Cal., for plaintiffs-appellants. Ernest J. Brown, Atty. (argued), Dept. of Justice, Washington, D. C., for defendant-appellee. Before BROWNING, BARNES and DUNIWAY, Circuit Judges. PER CURIAM: 1 In these consolidated appeals, taxpayers assert error in the judgment rendered by the District Court on June 25, 1974, in favor of the government, in a refund suit against the government for taxes allegedly overpaid. The facts are not in dispute. 2 The district court stated, "The issue is whether, in computing earnings and profits, plaintiffs can take advantage of the Section 1248(d)(2) exclusions without taking into account the recapture of depreciation provisions of Section 1245." Title 26, U.S.C., Internal Revenue Code, Adopted…