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NORTH TEXAS LUMBER CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 5318.

30 F.2d 680 (1929)

NORTH TEXAS LUMBER CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

February 15, 1929.

Attorney(s) appearing for the Case

Joseph J. Eckford, of Dallas, Tex. (Paul T. McMahon, of Dallas, Tex., on the brief), for petitioner.

Mabel Walker Willebrandt, Asst. Atty. Gen., Sewall Key and Randolph C. Shaw, Sp. Asst. Attys. Gen., and C. M. Charest, General Counsel, Bureau of Internal Revenue, and Thos. P. Dudley, Jr., Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C. (Shelby S. Faulkner, Sp. Atty., Bureau of Internal Revenue, of Washington, D. C., on the brief), for respondent.

Before WALKER, BRYAN, and FOSTER, Circuit Judges.

FOSTER, Circuit Judge.

In this case the material facts as found by the Board of Tax Appeals are these:

Petitioner, a Texas corporation, negotiated with the Southern Pine Company for the sale of certain timberlands, in 1916. On December 27, 1916, the price was agreed upon and the purchaser was satisfied as to the title. The purchaser was solvent, but required a few days to borrow some $200,000 to complete the purchase. An option was granted for ten days, the...

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