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D. D. OIL CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 11035.

147 F.2d 936 (1945)

D. D. OIL CO., Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

February 24, 1945.

Attorney(s) appearing for the Case

Dan Moody, of Austin, Tex., for petitioner.

John F. Costelloe, Sewall Key, and A. F. Prescott, Sp. Assts. to Atty. Gen., J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Bernard D. Daniels, Sp. Atty., Bur. of Int. Rev., both of Washington, D. C., for respondent.

Before SIBLEY, HOLMES, and WALLER, Circuit Judges.

WALLER, Circuit Judge.

The facts and contentions are succinctly stated in the opinion of the Tax Court as follows (3 T.C. 5):

"In 1939 petitioner sold oil and gas leases to Davis & Co. in consideration of Davis & Co.'s promise to pay petitioner's indebtedness of $60,000 to the Transwestern Oil Co. and to secure the discharge of petitioner's indebtedness of $200,000 to Kellogg. The Transwestern debt of $60,000 was paid...

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