Stern-Slegman-Prins Co. v. Commissioner of Internal Revenue

GARDNER, Circuit Judge.

This matter is before us on petition to review a decision of the Board of Tax Appeals disallowing certain deductions from petitioner’s income for the taxable years 1929 and 1930 and determining deficiencies for each of said years. The facts were stipulated before the Board of Tax Appeals, and it appears therefrom that the petitioner is a Missouri corporation, organized by Ferdinand Stern, Saul Slegman, and Frank L. Prins, who became directors of the company, and who have ever since served as such. These three men are, and since the organization of the company have been,…