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COMMISSIONER OF INTERNAL REV. v. ROESER & PENDLETON

No. 9684.

118 F.2d 462 (1941)

COMMISSIONER OF INTERNAL REVENUE v. ROESER & PENDLETON, Inc. ROESER & PENDLETON, Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

March 21, 1941.

Attorney(s) appearing for the Case

Helen R. Carloss, Sewall Key, and Joseph M. Jones, Sp. Assts. to the Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Charles E. Lowery, Sp. Atty., Bureau of Internal Revenue, all of Washington, D. C., for Commissioner of Internal Revenue.

George Thompson, Jr., of Fort Worth, Tex., for Roeser & Pendleton, Inc.

Before SIBLEY, HUTCHESON, and McCORD, Circuit Judges.

McCORD, Circuit Judge.

On May 13, 1936, Roeser & Pendleton, Inc., by written contract agreed to sell to R. G. Trippett and A. H. Meadows its undivided interest in eleven oil and gas leases, and all equipment and other personal property situated thereon. The seller was to receive $400,000 in cash with a reservation out of each lease of a fractional interest in the oil, gas, and minerals until a total of $1,200,000 had been returned from oil and gas produced. The...

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