FRITZ v. COMMISSIONER OF INTERNAL REVENUE

No. 7282.

76 F.2d 460 (1935)

FRITZ et al. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

March 25, 1935.


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.


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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