Smith v. Jones

VAUGHT, Chief Judge.

The plaintiff seeks to recover the sum of $8700.27, with interest thereon from March 15, 1948, for a deficiency assessment on his income tax return for the year 1944. The defendant answered, denying liability. The facts are stipulated to a large extent, except as to such further matters as were introduced at the trial which consisted largely of exhibits.

The plaintiff, N. T. Smith, and his brother, W. P. Smith, are partners, operating under the name of Smith Brothers Drilling Company, and during the taxable year were engaged in drilling oil wells. On October 10, 1944 they…