Branum Et Ux. v. Campbell

HOLMES, Circuit Judge.

This appeal is from a judgment denying the taxpayer’s claim for a refund of income taxes paid on a capital gain. On February 10, 1948, the taxpayer entered into a contract, effective April 1, 1948, by which he agreed to sell to C. T. Green a one-half interest in his brokerage business for $15,000. The contract provided that the business was to be operated on a partnership basis for an indefinite period of years unless sooner terminated by operation of law' or by agreement of the parties. On September 30, 1948, a second contract was entered into which provided for the…