Stokes v. Roberts

Steele Hays, Justice.

Larry and Sylvia Stokes, appellants, entered into an agreement to sell their western store to Shelton and Rita Roberts, appellees, for $45,000. The price covered the inventory, fixtures and equipment, and a registered quarter horse, worth about $2,000. The transaction was closed on June 14,1982, with one contract for the sale of the store for $26,500 and three bills of sale: 1) $ 15,000 for fixtures and equipment; 2) $ 11,500 for the inventory; and 3) $18,500 for the horse. These allocations were made simply to accommodate the buyers and had no correlation to actual…