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HOME BUILDERS LUMBER CO. v. COMMISSIONER OF INT. REV.

No. 12040.

165 F.2d 1009 (1948)

HOME BUILDERS LUMBER CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

February 13, 1948.

Attorney(s) appearing for the Case

R. N. Gresham, of San Antonio, Tex., for petitioner.

Theron L. Caudle, Asst. Atty. Gen., I. Henry Kutz, Sewall Key, Helen R. Carloss, George A. Stinson, and Harry Baum, Sp. Assts. to Atty. Gen., and Charles Oliphant, Chief Counsel, and John M. Morawski, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before SIBLEY, HOLMES, and WALLER, Circuit Judges.

WALLER, Circuit Judge.

Petitioner, a Texas corporation, was engaged in the business of selling real estate and the improvements thereon for a small down payment and small monthly payments over a long period of time. It elected to report its income from the sales of real estate on the installment basis. It was incorporated in 1923 by two stockholders, Barnes and Bledsoe, neither of whom actually contributed any capital. In 1932 Barnes withdrew and thereafter Bledsoe...

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