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BANKERS MORTG. CO. v. COM'R OF INTERNAL REVENUE

No. 10821.

141 F.2d 357 (1944)

BANKERS MORTG. CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied April 26, 1944.

Attorney(s) appearing for the Case

J. L. Lockett, of Houston, Tex., for petitioner.

Carlton Fox, Sewall Key, and Joseph M. Jones, Sp. Assts. to the Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Bernard D. Daniels, Sp. Atty., both of Washington, D. C., for respondent.

Before SIBLEY, McCORD, and WALLER, Circuit Judges.

Rehearing Denied April 26, 1944. See 142 F.2d 130.

PER CURIAM.

The Tax Court held that the transaction between the taxpayer and the Humble Oil and Refining Company was a sale of mineral rights and not a loan and mortgage secured thereby. We concur. We do not see that any useful purpose would be served by an extended recitation of the details of the agreements between the taxpayer and the Oil Company. As in Griffiths v. Commissioner...

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