United States Board of Tax Appeals April 7, 1925, Docket No. 1001 (Appeal of Medbury-Wilson Co.)

*966DECISION.

A careful analysis of the record of this appeal has led the Board to the conclusion that a very large, although not definitely measured, portion of the gross income of the taxpayer comes to it, not through the personal services of its stockholders, but through its association and close business relations with two important and substantially capitalized corporate organizations, whose