Justice Motor Corp. v. McGowan

KNIGHT, Chief Judge:

Plaintiff’s business was terminated sometime prior to October 20, 1942. At a corporate meeting on October 23, 1942, liquidating trustees were chosen to wind up its affairs.

During 1943, the trustees received income from repossession, collections, and credit balances a total of $1,757.87; and paid out $662.50 as wages, $325 as rent, $382.04 as payroll tax, $111.02 for telephone and supplies, and $474.47 as allowance on accounts receivable, a total of $1,955.03. The difference shows net operating loss during 1943.

*571On June 9, 1942, plaintiff had outstanding 1,210 shares of…