United States v. Russell

FOSTER, Circuit Judge.

In this case the material facts, which are undisputed, are these: On June 12, 1919, the Pine Lumber Company, an Alabama corporation, filed a return of its corporate income and profit taxes for the year 1918. The return was audited, a deficiency was determined, and an assessment of additional taxes was made by the Commissioner in March, 1924. The corporation had ceased doing business in March, 1920, was dissolved on April 1, 1923, and its remaining assets were distributed to appellees, who were the sole stockholders. On January 23,1925, the United States filed her bill…