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SOUTHPORT MILL v. COMMISSIONER OF INTERNAL REVENUE

No. 5564.

38 F.2d 986 (1930)

SOUTHPORT MILL, Limited, v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

March 15, 1930.

Attorney(s) appearing for the Case

E. Barrett Prettyman, of Washington, D. C. (Frederick R. Gibbs, Karl D. Loos, and Preston B. Kavanagh, all of Washington, D. C., on the brief), for petitioner.

C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Donald V. Hunter, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., and J. Louis Monarch, Sewall Key, and Randolph C. Shaw, Sp. Assts. to Atty. Gen. (G. A. Youngquist, Asst. Atty. Gen., and F. M. Thompson, Sp. Atty., Bureau of Internal Revenue, of Washington, D. C., on the brief), for respondent.

Before BRYAN and FOSTER, Circuit Judges, and SIBLEY, District Judge.

BRYAN, Circuit Judge.

On a former petition for review in this case, we affirmed a decision of the United States Board of Tax Appeals which excluded from invested capital of petitioner two amounts, one for $100,000 and one for $197,500, and classified those amounts as borrowed capital. The Revenue Act of 1918, in force during the period involved, by section 326, includes as invested capital paid-in surplus, but excludes borrowed capital. 40 Stat. 1092. Petitioner agreed...

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