CAMP WOLTERS ENTERPRISES v. COMMISSIONER OF INT. REV.

No. 15453.

230 F.2d 555 (1956)

CAMP WOLTERS ENTERPRISES, Inc., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

February 29, 1956.


Attorney(s) appearing for the Case

R. B. Cannon, Fort Worth, Tex., for petitioner.

L. W. Post, Sp. Asst. to the Atty. Gen., H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, Lee A. Jackson, Harry Baum, Sp. Assts. to Atty. Gen., R. P. Hertzog, Acting Chief Counsel for I. R. S., Washington, D. C., Claude R. Marshall, Sp. Atty., Washington, D. C., for respondent.

Before HUTCHESON, Chief Judge, and RIVES and CAMERON, Circuit Judges.


HUTCHESON, Chief Judge.

This appeal by the taxpayer from a decision and order1 of the Tax Court, redetermining petitioner's tax liability for the fiscal years ending March 31, 1948 and 1949, presents for our decision a single question, the correct basis for depreciation and gain or loss of certain contracts acquired by it in 1947 from its stockholders.

Urging upon us that the Tax Court's decision is erroneous and may not stand...

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