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C. I. R. v. GADDY

No. 21247.

344 F.2d 460 (1965)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. J. W. GADDY and Ruth Gaddy, Respondents. J. W. GADDY and Ruth Gaddy, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

April 12, 1965.

Attorney(s) appearing for the Case

Melva M. Graney, Atty., Dept. of Justice, Louis F. Oberdorfer, Asst. Atty. Gen., Dept. of Justice, Sheldon S. Cohen, Chief Counsel, IRS, Charles S. Casazza, Atty., IRS, Lee A. Jackson, William A. Friedlander, Attys., Dept. of Justice, John B. Jones, Jr., Acting Asst. Atty. Gen., Dept. of Justice, Washington, D. C., for Commissioner of Internal Revenue.

Brooks L. Harman, Kenneth C. Farnsworth, Stowe, Harman, Svanas, Farnsworth & McCrea, Odessa, Tex., for taxpayers as petitioners.

Before GEWIN and BELL, Circuit Judges, and McRAE, District Judge.

McRAE, District Judge.

This case comes to this Court for review of the Decision of the Tax Court.

Taxpayers J. W. Gaddy (Gaddy) and Ruth Gaddy, husband and wife, filed a joint income tax return for the calendar year 1957, using a cash method of accounting. The controversy centers around certain lease payments made to Gaddy by El Paso Natural Gas Products Company (El Paso).

In June 1956, El Paso and Gaddy entered into an oral agreement whereby El Paso...

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