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RAY v. C. I. R.

No. 18224.

283 F.2d 337 (1960)

Joe S. RAY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

October 21, 1960.

Attorney(s) appearing for the Case

William T. Rogers and John W. Donahoo, Jacksonville, Fla., Mitchell, Donahoo & Rogers and Rutheled B. Wolter, Jacksonville, Fla., of counsel, for petitioner.

Hart H. Spiegel, Chief Counsel, John M. Morawski, Sp. Atty., I.R.S., Washington, D. C., Charles K. Rice, Asst. Atty. Gen., Carolyn R. Just, Lee A. Jackson, I. Henry Kutz, Fred E. Youngman, Attorneys, Department of Justice, Washington, D. C., for respondent.

Before JONES, Circuit Judge, and HOOPER and JOHNSON, District Judges.

PER CURIAM.

The petitioner, Joe S. Ray, the owner of a substantial tract of timber land, entered into a written agreement in 1952 with Mengel Company under which it was to acquire 40,000 cords of pulpwood over a period of ten years at the market price prevailing at the time of cutting and delivery. At the time of the execution of the agreement, there was an advance from Mengel to Ray of $40,000, stipulated as $1.00 per cord for the pulpwood covered by the contract...

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