PHILLIPS, Chief Judge.
Malone & Hyde, Inc. (hereinafter taxpayer), the plaintiff-appellee, brought an action to recover income taxes alleged to have been assessed erroneously for the fiscal years 1964-66. The district court entered judgment in favor of taxpayer for $392,212.68. The Government appeals.
The disputed assessments principally concerned an April 1964 transaction in which taxpayer contracted to purchase the assets of Ragland-Potter & Company...
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