Ruprecht v. Commissioner of Internal Revenue

FOSTER, Circuit Judge.

Briefly stated, the material facts found by the Board of Tax Appeals are these: Petitioner and James H. Gardner were jointly engaged in acquiring and selling deposits of fuller’s earth, dividing the profits equally. In 1921 they acquired a deposit from Thomas Boyd at the cost of $23,560.68. Title was taken in the name of petitioner, and the same year it was sold to the Standard Oil Company for $123,560.68, showing a profit of $100,-000. The oil company made a cash payment of $73,560.68, and agreed to pay the balance in yearly payments of $10,000 without interest. Gardner…