SOLOMON, Chief Judge.
For some years prior to February 2, 1959, three Murphy brothers — Harry, Edward and Peter — operated the Murphy Logging Company as partners. Each received a salary of $25,000 a year, and profits when made were distributed in the same proportion as their interests, namely, Harry 53 1/3 %, Edward 33 1/3 %, and Peter 13 1/3 %.
On February 2, 1959, the Murphy brothers organized the Murphy Timber Co., an Oregon corporation. This...
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