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BAKER & TAYLOR CO. v. UNITED STATES

Nos. 249, 250.

26 F.2d 187 (1928)

BAKER & TAYLOR CO. v. UNITED STATES. SAME v. BOWERS, Collector of Internal Revenue.

Circuit Court of Appeals, Second Circuit.

May 7, 1928.

Attorney(s) appearing for the Case

William E. Russell, of New York City (Joseph B. Miller, of New York City, of counsel), for plaintiff in error.

Charles H. Tuttle, U.S. Atty., of New York City (Samuel C. Coleman, Asst. U.S. Atty., of New York City, of counsel), for defendants in error.

Before L. HAND, SWAN, and AUGUSTUS N. HAND, Circuit Judges.

AUGUSTUS N. HAND, Circuit Judge.

The question in each of the above cases is whether $400,000, paid by the Baker & Taylor Company in income bonds for the purchase of the good will of a business, ought to have been included as invested capital for the purpose of calculating excess profits taxes. No part of this sum was allowed, and through failure to allow it the Baker & Taylor Company contends that its excess profits were unduly enlarged, and the excess profits...

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