Re Income Taxes E.J. Lord

OPINION OF THE COURT BY

PERRY, C. J.

This is an appeal from the decision of the board of equalization sustaining an assessment against E. J. Lord, the appellant, of an income tax upon certain moneys re ceived by Mm during tbe year preceding January 1, 1931.

E. J. Lord and E. E. Black, having been prior thereto associated in the contracting and building business, in September, 1926, formed a corporation under the name of E. J. Lord, Limited. The corporation had a capital stock of $100,000 in one thousand shares, six hundred shares of which were issued to E. J. Lord and four hundred shares to E.…