Crain v. Commissioner of Internal Revenue

FARIS, Circuit Judge.

The Board of Tax Appeals, having sustained a deficiency assessment against petitioners in the sum of $1,042.45, for income taxes for the year 1919, the case comes to this court on a petition to review the decision of the Board. It arose on the following simple and conceded facts:

Prior to 1916, the taxpayer, now deceased (and herein represented by appellants who are executors of decedent’s estate), jointly with one Wesson, his son-in-law, became obligated to pay certain debts of the National Car Advertising Company, of which decedent and Wesson were large stockholders. The…