Vaughan Lumber Co. v. United States

McCORD, Circuit Judge.

Vaughan Lumber Company brought suit to recover income and profit taxes paid for the year 1919. Judgment was entered for the United States and the Lumber Company appealed.

From the year 1893 until February 15, 1919, the name Vaughan Lumber Company was used to designate a partnership composed of George C. Vaughan and George A. Dascomb. This partnership was dissolved on February 15, 1919, and the interest owned by Vaughan passed to Dascomb and his associates. Prior to the dissolution Dascomb had agreed with E. R. Wicks and others that they .were to have an active interest in…