BOTHWELL v. COMMISSIONER OF INTERNAL REVENUE

Nos. 1146, 1147.

77 F.2d 35 (1935)

BOTHWELL v. COMMISSIONER OF INTERNAL REVENUE. DARBY v. SAME.

Circuit Court of Appeals, Tenth Circuit.

April 10, 1935.


Attorney(s) appearing for the Case

Geo. E. H. Goodner, of Washington, D. C., for petitioners.

Helen R. Carlos, Sp. Asst. to the Atty. Gen. (Frank J. Wideman, Asst. Atty. Gen., and Sewall Key, Sp. Asst. to the Atty. Gen., on the brief), for the United States.

Before PHILLIPS, McDERMOTT, and BRATTON, Circuit Judges.


PHILLIPS, Circuit Judge.

The Brazos Oil Corporation, hereinafter called the parent corporation, was organized in 1918 with an authorized capital stock of 500,000 shares. 201,000 shares of such stock were issued and outstanding on June 28, 1922. It owned all of the stock of the Brazos River Oil Corporation, hereinafter called the subsidiary. The two corporations had not prospered, and in 1922 their officials approached Darby, an experienced and successful oil operator...

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