SIBLEY, District Judge.
Standard Coal Company, a corporation, made but little money in 1919, and for 1920 entered into written contracts with its officers and employees to conduct its business for its entire profits as salaries. Conditions changed early in 1920, and a very successful year was had. Thomas H. Austin and Peyton H. Snook, Jr., owners of the corporate stock, each received as his part of the salaries about $52,000. The contracts ran on until March, 1921...
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