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AQUALANE SHORES, INC. v. C. I. R.

No. 17605.

269 F.2d 116 (1959)

AQUALANE SHORES, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

Rehearing Denied September 11, 1959.

Attorney(s) appearing for the Case

William A. Sheppard, Jr., William A. Sheppard, Fort Meyers, Fla., for petitioner.

Grant W. Wiprud, Harry Baum, Lee A. Jackson, Attys., Dept. of Justice, Washington, D. C., John M. Morawski, Sp. Atty., I. R. S., Arch M. Cantrall, Chief Counsel, I. R. S., Washington, D. C., Charles K. Rice, Asst. Atty. Gen., for respondent.

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

JONES, Circuit Judge.

The Messrs. Walker, father and two sons, were landscaping and grading contractors as a partnership in the name of Walker Construction Company. In May of 1949 the partners acquired approximately 175 acres of land at Naples, Florida, at a price of something more than $69,000. Purchase money mortgages were given for a substantial portion of the price. In December of 1949 the Walkers caused the taxpayer, Aqualane Shores, Inc., to be incorporated...

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