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EUGENE ASHE ELECTRIC CO. v. COMMISSIONER OF INT. REV.

No. 11330.

153 F.2d 295 (1946)

EUGENE ASHE ELECTRIC CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

February 12, 1946.

Attorney(s) appearing for the Case

H. C. Wade, of Fort Worth, Tex., for petitioner.

Harold C. Wilkenfeld, Robert N. Anderson, and Louise Foster, Sp. Assts. to the Atty. Gen., Sewall Key, Acting Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Rollin H. Transue, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before McCORD, WALLER, and LEE, Circuit Judges.

McCORD, Circuit Judge.

This appeal involves income and excess profits taxes of the Eugene Ashe Electric Company for the year 1940.

The important facts are these: The taxpayer is a Texas corporation engaged in the electrical contracting business. In 1940 the corporation's capital stock consisted of 250 shares, of which the president, Eugene Ashe, owned 190 shares. On March 20, 1940, the directors of the corporation voted to Ashe a salary of $15,000 for the...

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