Levy v. M. M. Ullman & Co.

ST. PAUL, Justice.

Plaintiff was a retail clothing merchant; also the owner of the premises in which he conducted his said business. He sold his stock of merchandise to defendant for $55,-000, with the understanding that whatever net profits should be realized thereon above $50,000 should be equally divided between plaintiff and defendant. The net profit did not exceed said sum, and therefore that feature, which originally figured in the case, has now vanished from it.

I

This sale of stock was made in April. Later during the year, the tax collector demanded of plaintiff the taxes due on said…