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MUSICAL INSTRUMENT SALES CO. v. ANDERSON

No. 58.

40 F.2d 454 (1930)

MUSICAL INSTRUMENT SALES CO. v. ANDERSON, Collector of Internal Revenue.

Circuit Court of Appeals, Second Circuit.

April 7, 1930.

Attorney(s) appearing for the Case

Greene & Hurd, of New York City (Robert C. Cooley, of Springfield, Mass., and James L. Dohr and Malcolm C. Law, both of New York City, of counsel), for plaintiff-appellant.

Charles H. Tuttle, U. S. Atty., of New York City (Walter H. Schulman, Asst. U. S. Atty., of New York City, of counsel), for defendant-appellant.

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

AUGUSTUS N. HAND, Circuit Judge.

The question for determination on this appeal is, What is the proper amount of invested capital of the plaintiff, Musical Instrument Sales Company, for the purpose of calculating excess profits taxes for the years 1917 and 1919? The plaintiff contends that it is $504,814.85, consisting of:

(1) $200,000, representing cash paid in for stock in 1912 and 1913.

(2) $139,814.85, alleged...

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