Irvine v. Old Kentucky Distillery

Opinion of the Court by

Commissioner Sandidge

Affirming.

In the latter part of the year 1918, the officers, directors and stockholders of the Old Kentucky Distillery, a Kentucky corporation, which, for some years, had been engaged in manufacturing and selling whiskey, inaugurated plans for closing out its business. The adoption of the Eighteenth Amendment made that seem to be necessary. The corporation was capitalized at $800,000.00, divided into eight thousand shares of the par value of $100.00 each. All the stock was owned by five persons; appellant, O. H. Irvine, owning 3,500 shares; R. H.…