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PHINNEY v. HOUSTON OIL FIELD MATERIAL COMPANY

No. 16622.

252 F.2d 357 (1958)

Robert L. PHINNEY and United States of America, Appellants, v. HOUSTON OIL FIELD MATERIAL COMPANY, Inc., and its Subsidiaries, Appellees.

United States Court of Appeals Fifth Circuit.

Rehearing Denied April 1, 1958.

Attorney(s) appearing for the Case

Charles K. Rice, Asst. Atty. Gen., Davis W. Morton, Jr., and Ellis N. Slack, Attys., Dept. of Justice, Washington, D. C., John E. Banks, Asst. U. S. Atty., San Antonio, Tex., I. Henry Kutz and Grant W. Wiprud, Attys., Dept. of Justice, Washington, D. C., Russell B. Wine, U. S. Atty., San Antonio, Tex., for appellants.

M. S. McCorquodale, C. W. Wellen, Fulbright, Crooker, Freeman, Bates & Jaworski, Houston, Tex., for appellees.

Before CAMERON, JONES and WISDOM, Circuit Judges.

JONES, Circuit Judge.

The Court is here concerned with Federal income tax liabilities of the appellees, Houston Oil Field Material Company, Inc., and its subsidiaries. The facts are not in dispute. The tax year involved is 1948. Houston Oil and its subsidiaries then existing had filed separate returns for 1947. One of the subsidiaries, Wayside Oil Company, began business on September 1, 1947. It had a loss of $18,994.79 for the fiscal year ending August 31, 1948....

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