Twin Oaks Co. v. Commissioner of Internal Revenue

LINDLEY, Circuit Judge.

This is a petition to review a decision of the United States Tax Court sustaining the assessment of income taxes against the corporate petitioner for the years 1941-44 inclusive.

Prior to January, 1941, the Petitioner had, for many years, been engaged in the purchase and sale of builders’ materials. During all this period the business had been managed by Rogers, who," with - 473 shares of the corporate stock, was the corporation’s principal stockholder, and Scharpf, who held 35.3 shares and whose wife owned the remaining 437.7 shares. In January, 1941, after the…