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CRESCENT BED CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 10413.

133 F.2d 424 (1943)

CRESCENT BED CO., Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

February 16, 1943.

Attorney(s) appearing for the Case

Robert Ash, of Washington, D. C., and Robt. R. Ramos, of New Orleans, La., for petitioner.

Irving I. Axelrad and Sewall Key, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and John W. Smith, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before SIBLEY, HUTCHESON, and McCORD, Circuit Judges.

SIBLEY, Circuit Judge.

During the tax years 1936, 1937, 1938 and 1939, Crescent Bed Company, with $1,000000 par value of capital, did each year a manufacturing business of about $600,000 gross sales. The net profits after paying salaries, but before paying income taxes, ranged from $8,766 to $42,776 per year. Two brothers owned $920,000 of the stock, managed the business as officers, and were paid salaries of $50,000 each per year. The total payroll for the 160 other...

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