Ayer v. Blair

MARTIN, Chief Justice.

This appeal relates to a deficiency in the income tax returns of appellant for the year 1920, as determined by the Commissioner of Internal Revenue and approved by the Board of Tax Appeals.

It appears that the Atlantic & Birmingham Construction Company, a corporation, was organized in the year 1905, and that the appellant acquired a large amount of its stock. By 1908 the corporation was heavily involved, and appellant, together with other stockholders, advanced funds to it in order to avoid foreclosure. By May 1, 1912, appellant’s advance amounted to $26,338.22, and on…