CHATTANOOGA SAV. BANK v. BREWER

No. 4692.

17 F.2d 79 (1927)

CHATTANOOGA SAV. BANK v. BREWER, Collector of Internal Revenue.

Circuit Court of Appeals, Sixth Circuit.

January 14, 1927.


Attorney(s) appearing for the Case

Chas. S. Coffey, of Chattanooga, Tenn. (P. B. Mayfield, of Cleveland, Tenn., on the brief), for plaintiff in error.

George C. Taylor, U. S. Atty., of Knoxville, Tenn. (A. W. Gregg, Gen. Counsel, and Wm. T. Sabine, Jr., Sp. Atty., both of Washington, D. C., on the brief), for defendant in error.

Before MACK and MOORMAN, Circuit Judges, and DAWSON, District Judge.


PER CURIAM.

John D. Key and Webster T. James were sole owners of the capital stock of the Key-James Brick Company. During the year 1920 they withdrew funds from the business without corporate action or authority, charging the withdrawals to themselves upon the books of the corporation. These withdrawals were made, from time to time, in practically the same proportion as their respective stock holdings. The final withdrawal of November 9, 1920, brought their totals...

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