(DOWNLOAD) "Aqualane Shores Inc. v. Commissioner of Internal Revenue" by United States Court Of Appeals Fifth Circuit. " eBook PDF Kindle ePub Free

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eBook details

• Title: Aqualane Shores Inc. v. Commissioner of Internal Revenue
• Author : United States Court Of Appeals Fifth Circuit.
• Release Date : January 13, 1959
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 69 KB

Description

The Messrs. Walker, father and two sons, were landscaping and grading contractors as a partnership in the name of Walker Construction Company. In May of 1949 the partners acquired approximately 175 acres of land at Naples, Florida, at a price of something more than $69,000. Purchase money mortgages were given for a substantial portion of the price. In December of 1949 the Walkers caused the taxpayer, Aqualane Shores, Inc., to be incorporated under the laws of Florida. On January 10, 1950, the organization meeting of the incorporators was held. Ten shares of stock were issued to each of the three Walkers for $320 per share. Simultaneously the Walkers conveyed the land, except a few lots sold by the partnership, to the corporation. An agreement was executed at the same time between the Walkers and the corporation in which it was stated that the consideration for the transfer was $250,000, of which $9,000 was cash paid, an unpaid amount of $49,128.88 on the mortgages was assumed, leaving a balance of $191,871.12.The agreement then provided:

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