KEYSTONE WOOD PRODUCTS CO. v. COMMISSIONER OF INT. REV.

No. 166.

66 F.2d 258 (1933)

KEYSTONE WOOD PRODUCTS CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

July 10, 1933.


Attorney(s) appearing for the Case

John E. Hughes, of Chicago, Ill., and William Cogger, of Washington, D. C., for petitioner.

Sewall Key and John MacC. Hudson, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Dean P. Kimball, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

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


SWAN, Circuit Judge.

The petitioner was incorporated in 1912 to engage in the manufacture of wood chemicals. Its capital stock was $250,000, and this sum was paid in in cash. In September, 1912, it acquired by assignment and without cost a contract for the purchase of wood suitable for the making of wood chemicals. Deliveries were made under this contract for a term of ten years beginning in October, 1912. The petitioner contends that its contract for wood, when acquired...

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