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WILLIAM A. BRADY THEATRE CO. v. COMMISSIONER OF INT. REV.

No. 288.

42 F.2d 181 (1930)

WILLIAM A. BRADY THEATRE CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

June 9, 1930.

Attorney(s) appearing for the Case

Henry E. Kelley, of New York City (John Drye, Jr., of New York City, of counsel), for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and J. Louis Monarch and A. H. Conner, Sp. Asst. Attys. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Robert L. Williams, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before MANTON, L. HAND, and CHASE, Circuit Judges.

L. HAND, Circuit Judge.

The taxpayer is a New York corporation formed to produce plays. It had a small capital of ten thousand dollars, paid in cash by its four shareholders in equal shares. It got a five years' term in a New York theatre, which was building when it was formed, for which it was to pay a yearly rental of $32,500 and taxes of about $13,000; the value of this term does not appear. The shareholders agreed among themselves to keep the theatre going, and...

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