UNITED STATES COURT OF APPEALS
FOR THE FIFTH CIRCUIT
_______________________
No. 95-10533
_______________________
In The Matter of: WILLIAM HAROLD COLLUM,
doing business as Harold Collum Co.;
MATTIE MERELYNE COLLUM,
Debtors.
WILLIAM HAROLD COLLUM; MATTIE MERELYNE COLLUM,
Appellants,
versus
UNITED STATES OF AMERICA (IRS),
Appellee.
_________________________________________________________________
Appeal from the United States District Court
for the Northern District of Texas
(3:91-CV-1247-P)
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April 12, 1996
Before REYNALDO G. GARZA, JONES, and DENNIS, Circuit Judges.
PER CURIAM:*
The court has considered carefully the taxpayers’
contention that no taxable disposition of their property to
Interwest occurred in 1987. Taking all the facts into
consideration, particularly the two-year duration of the transfer
to Interwest and the company’s assumption of the debtors’ primary
*
Pursuant to Local Rule 47.5, the court has determined that this opinion
should not be published and is not precedent except under the limited
circumstances set forth in Local Rule 47.5.4.
liability to the savings and loan associations, we cannot conclude
that the bankruptcy or district courts erred in deciding that a
taxable transfer occurred. There is no persuasive basis for
holding that under Texas law Interwest held the property in
constructive trust for the debtors. Further, this is not a case in
which the taxable form of a transaction ought to give way to its
substance -- the substance of a taxable disposition existed here.
For essentially the reasons articulated by them, the
judgments of the district and bankruptcy courts are AFFIRMED.
2