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COMMISSIONER OF INTERNAL REVENUE v. SMITH

No. 12489.

173 F.2d 470 (1949)

COMMISSIONER OF INTERNAL REVENUE v. SMITH.

United States Court of Appeals Fifth Circuit.

March 24, 1949.

Attorney(s) appearing for the Case

Theron Lamar Caudle, Asst. Atty. Gen., George A. Stinson, and Ellis N. Slack, Sp. Assts. to Atty. Gen., and Charles Oliphant, Gen. Counsel Bureau of Internal Revenue, and Charles E. Lowery, Sp. Atty. Bureau of Internal Revenue, both of Washington, D. C., and Hilbert P. Zarky and Helen Goodner, Sp. Assts. to Atty. Gen., for petitioner.

Robert Ash and Carl F. Bauersfeld, both of Washington, D. C., for respondent.

Before HUTCHESON, HOLMES, and LEE, Circuit Judges.

HOLMES, Circuit Judge.

The taxpayer owned a 65% interest in the partnership business of Hyman Supply Company, a retailer of oil-field supplies in Alice, Texas. On December 31, 1942, he sold his undivided interest in the business to one of the remaining partners and two new persons. The sole question for decision is: Was this sale of the taxpayer's undivided interest the sale of a capital asset?

It is well settled in Texas that a partner has no separate or...

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