COLLET, Circuit Judge.
The appellants sued to recover income taxes. Their complaint was dismissed and this appeal followed. The facts are as follows.
On August 9, 1946, H. W. Young, R. A. Young, and R. A. Young, Jr., purchased the Twin City Coach Company, a corporation, which owned and operated the public bus transportation system in Fort Smith and Van Buren, Arkansas. Each owned a one-third interest. On October 1, 1946, the Twin City Coach Company was dissolved...
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