Legal Opinion
Squires v. United States
District Court, C.D. California
Decided July 30, 1968No. 67-1500-IHPublishedCited by 1 opinion
1Opinion of the Court
HILL, District Judge.
FINDINGS OF FACT
1. By written contract of sale (Exhibit 1) dated May 9, 1961, Plaintiffs purchased a fire and casualty insurance agency in Santa Barbara, California, for $60,800 from St. Clair Morton (hereinafter referred to as “Morton”).
2. The contract of sale allocated $60,-000 of the purchase price to “expirations” and $800 to office furniture. Of the total consideration, $10,000 was paid upon execution of the contract and the balance was payable in minimum monthly installments. The buyer had the privilege of prepaying any portion of the balance. The total purchase…
2Cases cited5 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Commissioner of Internal Revenue v. Maurice L. KillianCourt of Appeals for the Fifth Circuit · 1963
- V. L. Phillips & Co., Inc. v. Pennsylvania Threshermen & Farmers' Mut. Cas. Ins. CoCourt of Appeals for the Fourth Circuit · 1952
- Aitken v. CommissionerUnited States Tax Court · 1960
- Sheldon v. CommissionerUnited States Tax Court · 1968
3Cited by1 opinion
- Houston Chronicle Publishing Company, Plaintiff-Appellee-Cross v. United States of America, Defendant-Appellant-CrossCourt of Appeals for the Fifth Circuit · 1973