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COMMERCIAL IRON WORKS v. COMMISSIONER OF INT. REV.

No. 12011.

166 F.2d 221 (1948)

COMMERCIAL IRON WORKS v. COMMISSIONER OF INTERNAL REVENUE. BARNES v. SAME. COTTON'S ESTATE v. SAME.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied March 18, 1948.

Attorney(s) appearing for the Case

W. J. Knight, of Houston, Tex., for Taxpayers.

Theron L. Caudle, Asst. Atty. Gen., Austin Hoyt, Sewall Key, Helen R. Carloss, A. F. Prescott and Louise Foster, Sp. Assts. to the Atty. Gen., and Charles Oliphant, Chief Counsel, Bureau of Internal Revenue, and Bernard D. Daniels, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for Commissioner of Internal Revenue.

Before SIBLEY, HOLMES, and WALLER, Circuit Judges.

WALLER, Circuit Judge.

The Commercial Iron Works was incorporated under the laws of Texas in 1936, with John L. Barnes and Cyrus R. Cotton each owning fifty per cent. of its capital stock. Barnes has been president and Cotton vice president ever since.

The corporation engaged in the fabrication of steel from its inception until its dissolution on April 29, 1942, whereupon its assets were transferred to its two stockholders, who assumed all of its liabilities...

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