Bardill v. Holcomb

McCAIN, Judge.

Appeal is brought by defendants, S. W. and Katherine Bardill, from a final decree granting relief to plaintiffs, Jack N. and Dorothy Jean Holcomb. We reverse.

Plaintiffs and defendants entered into a transaction whereby plaintiffs conveyed to defendants a large tract of land and as partial consideration received from defendants two improved parcels of land. The remainder of the consideration due plaintiffs was agreed to be $90,460.00. The parties decided, however, that a mutual tax advantage could be realized if the transaction were completed strictly as a property exchange.…