Holly Development Co. v. Commissioner

GARRECHT, Circuit Judge.

Involved herein are deficiencies in income taxes for the years 1923, 1924 and 1925, determined by the Board of Tax Appeals to be in the amounts of $23,515.40 $216.10 and $76,235.45, respectively, and the case is brought before us by petitions to review the decision of the Board.

The facts were found to be as follows:

About November 1, 1922, S. W. Sinsheimer, having been informed by a representative that the Argonaut Oil Company of San Francisco, the owner of valuable oil leases, was in financial difficulties and that it was possible that its properties might be acquired…