Reed Drug Co. v. Commissioner of Internal Revenue

HAMILTON, Circuit Judge.

This is a proceeding to review a decision of the Board of Tax Appeals whose order sustained a deficiency in income taxes against the petitioner for the year 1937 in the sum of $4,831.92. Petitioner, the Reed Drug Company, was a Wisconsin corporation organized in 1931 and dissolved before the close of the tax year 1937. During its existence, it operated a chain of retail drug stores in the State of Wisconsin, with its principal office at Cleveland, Ohio. On August 7, 1937, the Reed Drug Company, a Delaware corporation, was organized for the purpose of acquiring all the…