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SHIPPEN v. C. I. R.

No. 17762.

274 F.2d 860 (1960)

Frank J. SHIPPEN, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

January 20, 1960.

Attorney(s) appearing for the Case

R. B. Deen, Jr., Thomas R. Ward, Roland J. Mestayer, Jr., Meridian, Miss., for petitioner.

Karl Schmeidler, Atty., Dept. of Justice, Lee A. Jackson, Atty., Dept. of Justice, Arch M. Cantrall, Chief Counsel, IRS., Charles P. Dungan, Special Atty., IRS., Washington, D. C., Howard A. Heffron, Acting Asst. Atty. Gen., I. Henry Kutz, Atty., Dept. of Justice, Washington, D. C., for respondent.

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

RIVES, Chief Judge.

The taxpayer and one Charles M. Kyne were partners engaged in buying and selling lumber at wholesale. The partnership frequently made cash advances to mill operators against lumber to be supplied by them. Kyne furnished the capital for the operation of the partnership and the taxpayer devoted his entire working time to its operation. The taxpayer agreed to "personally guarantee the collection, in a reasonable time, of credits given to customers...

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