United States Board of Tax Appeals March 20, 1934, Docket No. 64272. (Olympia Harbor Lumber Co. v. Commissioner)

lead-opinion

*116OPINION.

Arundell :

The evidence establishes to our satisfaction that of the sum of $7,900 paid to the Rockway Mill Wood Co. at least $5,400 was in fact paid to get rid o.f an unsatisfactory contract and not more than $2,500 was paid for the assets taken over. Even assuming that petitioner was warranted in abrogating the contract because of the breach by the Rockway Mill Wood Co.