GLENMORE SECURITIES CORP. v. COMMISSIONER OF INT. REV.

No. 54.

62 F.2d 780 (1933)

GLENMORE SECURITIES CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

January 9, 1933.


Attorney(s) appearing for the Case

Lawrence A. Baker and Henry Ravenel, both of Washington, D. C., for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and Sewall Key and Hayner N. Larson, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and John D. Foley, Sp. Atty., Bureau of Internal Revenue, both of Washingtonn, D. C., of counsel), for respondent.

Laurence Arnold Tanzer, of New York City, amicus curiæ.

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


L. HAND, Circuit Judge.

This is a companion case to Wild v. Commissioner (C. C. A.) 62 F.2d 777, handed down at the same time, and so far as the main question goes, has already been disposed of. The only year which requires separate consideration is 1925; and for the following reasons: In that year the syndicate manager repaid to the taxpayer, which was a member, $40,000, its original contribution, along with $2,000 interest. Of this...

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