Attorney(s) appearing for the Case
Harry C. Weeks, of Wichita Falls, Tex., for petitioners.
Frank J. Wideman, Asst. Atty. Gen., Norman D. Keller, Sewall Key, and L. W. Post, Sp. Assts. to Atty. Gen., and Jacob M. Leinenkugel, Sp. Atty., Bureau of Internal Revenue, of Washington, D. C., for respondent.
Before BRYAN, SIBLEY, and WALKER, Circuit Judges.
Circuit Court of Appeals, Fifth Circuit.
SIBLEY, Circuit Judges.
In the beginning of the year 1926 a Texas partnership called Staley & Wynne, then engaged in oil production, sold its producing properties at a large profit to Humble Oil & Refining Company. Its remaining undeveloped or unproductive properties with tools and equipment and miscellaneous assets were on April 1st passed to a new firm then formed composed of members of the old firm. The difference in the firms was that J. A. Staley, trustee...
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