Commissioner v. Vandeveer

ARANT, Circuit Judge.

This is a petition by the Commissioner of Internal Revenue to review determinations of the Board of Tax Appeals that petitioner overpaid $4,493.77 in income tax for the year 1930 and owes $2,065.51 for the year 1931.

W. W. Vandeveer and F. R. Newman organized the Allied Oil Company, Inc., in 1925, to sell and distribute fuel oil. From, the beginning they owned all the common stock, with the exception of qualifying-shares, and one hundred and fifty of the six hundred shares of preferred stock. With the knowledge and approval of the other preferred stockholders, the…