John L. Denning & Co. v. Commissioner

Petitioner's controlling stockholder, acting through a power of attorney for his son, then in the Armed Forces, entered into an agreement with other members of his family purporting to form a partnership to carry on business similar to that of petitioner. The controlling stockholder allotted between petitioner and the partnership merchandise bought in the field and otherwise participated in handling the partnership's business. Held, respondent did not err in including the partnership's income in the income of petitioner. Petitioner's inventory of broomcorn was computed on the "last in, first…