United States Board of Tax Appeals March 30, 1925, Docket No. 1108. (Walcutt Bros. Co. v. Commissioner)

lead-opinion

*911OPINION.

Ivins:

The Walcutt Brothers Photo Mount Department, Inc., did business in such a manner that it never paid any dividends; turned over its tangible assets, amounting to $15,697.33 (and its good will, if any), in payment of indebtedness of over $30,000, and was liquidated without any distribution to stockholders. It is apparent that the business was done at a loss.