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COMMISSIONER OF INTERNAL REVENUE v. SIMMONS GIN CO.

No. 251.

43 F.2d 327 (1930)

COMMISSIONER OF INTERNAL REVENUE v. SIMMONS GIN CO.

Circuit Court of Appeals, Tenth Circuit.

August 11, 1930.

Attorney(s) appearing for the Case

Morton Poe Fisher, Sp. Asst. to Atty. Gen. (G. A. Youngquist, Asst. Atty. Gen., Sewall Key, Sp. Asst. to Atty. Gen., and C M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Dean P. Kimball, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., on the brief), for petitioner.

Chas. H. Garnett, of Oklahoma City, Okl., for respondent.

Before COTTERAL, PHILLIPS, and McDERMOTT, Circuit Judges.

PHILLIPS, Circuit Judge.

The Commissioner of Internal Revenue assessed deficiencies in income taxes against the Simmons Gin Company for the fiscal years ended April 30, 1923, and April 30, 1924.

Prior to August, 1920, the Gin Company purchased a large amount of cotton for cash. It shipped the greater part of such cotton for re-sale to two commission firms in New Orleans. Such commission firms honored drafts for large amounts in favor of the Gin Company, based...

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