UNITED STATES OF AMERICA, APPELLANT,
v.
GEORGE WOOD AND CORA M. WOOD, APPELLEES
UNITED STATES OF AMERICA, APPELLANT,
GEORGE WOOD AND CORA M. WOOD, APPELLEES
352 F.2d 522
Court of Appeals for the Fifth Circuit (1965)
Negative Treatment
Cited by 2 cases
Opinion of the Court
PER CURIAM:
In directing a verdict for the taxpayers, the district court recognized that it was deciding directly contrary to the opinion and decision of the Sixth Circuit in Key Homes, Inc. v. Commissioner of Internal Revenue, 6 Cir. 1959, 271 F. 2d 280. George Wood owned 50% of the stock of Bama Homes. The district court reasoned that the present controversy is not controlled by Commissioner of Internal Revenue v. Hansen, 1959, 360 U.S. 446, 79 S.Ct. 1270, 3 L.Ed.2d 1360, because Bama Homes had no contractual guaranty obligation to the financial institution. We do not agree.
As we read the contract (record pp. 122-124), Bama Homes agreed to make a “deposit” of “additional security” with the financial institution in consideration of the granting of a mortgage loan to the purchaser-mortgagor. We agree with the decision of the Sixth Circuit in Key Homes, Inc. v. Commissioner of Internal Revenue, supra.
The judgment of the district court is therefore
Reversed.
Cases With Similar Vibessemantic neighbors from the corpus
Citator
Cited By
-
Bolling v. Commissioner OF Internal Revenue, 357 F.2d 3 (8th Cir. 1966)
Authorities Cited
- Commissioner of Internal Revenue v. Hansen et ux., 360 U.S. 446 (U.S. 1959)
- KEY Homes, Inc. v. Commissioner OF Internal Revenue, 271 F.2d 280 (6th Cir. 1959)