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BASS v. COMMISSIONER OF INTERNAL REVENUE

No. 12596.

175 F.2d 52 (1949)

BASS v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Fifth Circuit.

June 3, 1949.

Attorney(s) appearing for the Case

S. B. Lippitt, Albany, Ga., for petitioner.

Robert M. Weston, Ellis N. Slack, Robert N. Anderson, Louise Foster, Spl. Assts. to Atty. Genl., Washington, D. C., Theron Lamar Caudle, Asst. Attorney General, Charles Oliphant, Chief Counsel, Bur. Int. Rev., John M. Morawski, Spl. Atty., Bur. Int. Rev., Washington, D. C., for respondent.

Before SIBLEY, HOLMES, and McCORD, Circuit Judges.

SIBLEY, Circuit Judge.

Bass during the year 1941 owned in partnership with Cates a business known as Albany Amusement Company, which had and used a large number of coin operated music boxes, a truck and other equipment, besides rental property and lands, the total assets on the books being some $128,357. On June 1 of that year they sold to one Cannon for $35,000 the music boxes, truck and some other equipment, taking one hundred notes for $350 each, payable on the...

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