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C. I. R. v. OFFUTT

No. 9427.

336 F.2d 483 (1964)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. George W. OFFUTT, III, and Jane P. Offutt, and Pimmit Development Corporation, Respondents.

United States Court of Appeals Fourth Circuit.

Decided September 14, 1964.

Attorney(s) appearing for the Case

Melva M. Graney, Atty., Dept. of Justice (Louis F. Oberdorfer, Asst. Atty. Gen., and Lee A. Jackson and Herbert Grossman, Attys., Dept. of Justice, on brief), for petitioner.

LeRoy R. Cohen, Jr., Richmond, Va. (James Mullen, Frank W. Hardy, Cohen, Cox & Kelly, and Williams, Mullen & Christian, Richmond, Va., on brief), for respondents.

Before SOBELOFF, Chief Judge, HAYNSWORTH, Circuit Judge, and MICHIE, District Judge.

HAYNSWORTH, Circuit Judge:

A land development company in Virginia installed water and sewer facilities which, upon completion, it transferred to a utility company holding franchises to supply such services in the area. The only consideration for the transfer was the utility's covenant to operate them and to supply adequate water and sewer services to lot purchasers. The utility corporation was wholly owned by an individual, who also owned forty per cent of the stock...

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