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BAILEY v. COMMISSIONER OF INTERNAL REVENUE

No. 9016.

103 F.2d 448 (1939)

BAILEY et al. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

April 26, 1939.

Attorney(s) appearing for the Case

William R. Watkins, of Fort Worth, Tex., for petitioners.

Helen R. Carloss and Sewall Key, Sp. Assts. to Atty. Gen., Jas. W. Morris, Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and John W. Smith, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before SIBLEY, HUTCHESON, and HOLMES, Circuit Judges.

SIBLEY, Circuit Judge.

The taxpayers, Wm. J. Bailey and wife, have a community estate under Texas law. The husband as manager, in whose name the transactions were conducted, need alone be mentioned hereafter. He returned for income taxation in the year 1933 a profitable sale of land which had on March 8, 1924, been consummated by his making a deed and taking four negotiable notes for a principal of $15,500 each, due in four...

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