Durham v. Lewis

Opinion op the Court by

Commissioner Tinsley—

Affirming.

On March 31, 1925, the appellant C. M. Durham, in consideration of the sum of $11,960 cash, sold and transferred to R. J. Cooper and Clement S. Bill, Jr., 92 shares of the capital stock of S. H. G-rinstead Company, a Kentucky corporation engaged in the produce business in Taylor and adjoining counties. Simultaneously therewith, and as a part of the transaction, Durham and his wife, Ollie G. Durham, entered into a written contract with Cooper and Hill whereby the former undertook and agreed, in consideration of the sale and purchase of the…