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H. M. O. LUMBER CO. v. UNITED STATES

No. 5883.

59 F.2d 907 (1932)

H. M. O. LUMBER CO. v. UNITED STATES.

Circuit Court of Appeals, Sixth Circuit.

June 27, 1932.

Attorney(s) appearing for the Case

Oscar Waer, of Grand Rapids, Mich., for appellant.

E. E. Angevine, of Washington, D. C. (Fred C. Wetmore and L. H. Grettenberger, both of Grand Rapids, Mich., and C. M. Charest, of Washington, D. C., on the brief), for the United States.

Before MOORMAN, HICKS, and SIMONS, Circuit Judges.

MOORMAN, Circuit Judge.

The appellant lumber company acquired timber lands prior to March 1, 1913, which had a value as of that date of $310,182, and which it sold on an installment sale contract in 1920 at a profit. In the intervening years it received no income from the property or from other sources, but expended a considerable sum thereon for taxes and to clear a right of way for a railroad and for a road. In its tax returns for the years 1921 and 1924, it added...

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