One Giles on March 1, 1913, owned Florida land then worth $5,700. In 1926 he conveyed it to Beeman for notes, $20,000 falling due annually thereafter, in aggregate amount of $98,700, secured by a mortgage of the land. Giles did not report the sale or any income from it, for the year 1926. A revenue agent in 1927 by examination of the real estate records became familiar with the conveyance, but did not...
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