James v. Bosworth

Opinion op the Court by

Commissioner Hobson

Reversing.

On December 31, 1918, the McKenzie Oil Company was incorporated at Lexington, Ky., with a capital stock of $100,000. Four men subscribed for stock to the extent of 5,000 shares each, $1 par value. Each of the four was to pay $1,000 for his stock, and each paid that amount and received the stock.

On February 17,1919, the Pine Knob Oil & Gas Company was incorporated at Stanford, Ky., with a capital stock of $100,000, divided into shares of $1 each. On May 12, 1919, the Mercer-Lincoln Oil Company was incorporated at Harrodsburg, Ky., with a…