Appeal of Ready Auto Supply Co.

*733OPINION.

James:

The taxpayer relies upon the Appeal of Hewitt Rubber Co., 1 B. T. A. 424, in its claim for invested capital on account of notes alleged to have been paid in as an assessment upon the common stock of the taxpayer and virtually in payment thereof. The facts in the Appeal of Hewitt Rubber Co., supra, were that Hewitt actually delivered his note for $1,000,000 for $1,000,000 par value of the stock of the company; that within a year the entire $1,000,000 was paid as the requirements of the corporation for funds dictated and that at all times Hewitt was fully able to meet an instant…