A. HARRIS & CO. v. LUCAS

No. 5940.

48 F.2d 187 (1931)

A. HARRIS & CO. v. LUCAS, Commissioner of Internal Revenue.

Circuit Court of Appeals, Fifth Circuit.

March 30, 1931.


Attorney(s) appearing for the Case

Murphy W. Townsend, of Dallas, Tex., for petitioner.

G. A. Youngquist, Asst. 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., A. H. Conner, Sp. Asst. Atty. Gen., J. Louis Monarch and Norman D. Keller, Sp. Assts. Atty. Gen. (J. K. Polk, Sp. Atty., Bureau of Internal Revenue, of Washington, D. C., on the brief), for respondent.

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


FOSTER, Circuit Judge.

In this case there is no dispute as to the material facts. It appears that petitioner is a Texas corporation operating a department store in Dallas, Tex., selling at retail dry goods, dresses, shoes, and other articles usually handled by a retail store of that class. In 1916, in order to avoid bankruptcy, it effected a compromise with its creditors, other than the banks, whereby 50 cents on the dollar was accepted by them in full settlement...

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