Union Guardian Trust Co. v. Burnet

GRONER, Associate Justice.

In 1916 the taxpayer and a real estate corporation doing business in Detroit entered into a contract, as the result-of which the taxpayer undertook to manage a separate department of the corporation for a term of five years in consideration of a percentage of the profits. The contract provided that it might be, as it was, extended one additional year, and this made it terminate in 1922. The contract provided that the corporation should organize a separate department to be called tho “City Real Estate Department.” Tho purpose was to purchase and sell city (rather than…