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DUKE POWER CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 2996.

44 F.2d 543 (1930)

DUKE POWER CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fourth Circuit.

October 21, 1930.

Attorney(s) appearing for the Case

J. H. Marion, of Charlotte, N. C. (H. H. Shelton, of Washington, D. C., on the brief), for petitioner.

Randolph C. Shaw, Sp. Asst. to Atty. Gen. (G. A. Youngquist, Asst. Atty. Gen., Sewall Key, Sp. Asst. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Allin H. Pierce, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., on the brief), for respondent.

Before PARKER, Circuit Judge, and GRONER and ERNEST F. COCHRAN, District Judges.

GRONER, District Judge.

There are two questions involved on this appeal.

The first is this: Where three corporations are affiliated within the meaning of section 240(c) of the Revenue Act of 1921, and the parent corporation has elected to file a separate income tax return, may the two subsidiary corporations file a consolidated return?

The second is: Should interest payments received by one member of the group from another be included in its gross...

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