Commissioner v. Emerson Carey Fibre Products Co.

LEWIS, Circuit Judge.

This is a petition to review a decision of the Board of Tax Appeals involving income taxes of respondents for the year 1903.

Members of the Carey family owned the capital stock of the Emerson Carey Fibre Products Company and The Carey Salt Company, Kansas corporations with their principal place of business at Hutchinson, Kansas. The assets of a job printing plant were acquired by the Carey family by assignment in lieu of foreclosure proceedings under a mortgage held by them. .They organized a Kansas corporation known as the Gazette Printing Company in the latter part of…