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COMMISSIONER OF INT. REV. v. GENERAL GAS & ELEC. CORP.

No. 410.

72 F.2d 364 (1934)

COMMISSIONER OF INTERNAL REVENUE v. GENERAL GAS & ELECTRIC CORPORATION.

Circuit Court of Appeals, Second Circuit.

July 16, 1934.

Attorney(s) appearing for the Case

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and Wilford S. Zimmerman, Sp. Assts. to Atty. Gen., for petitioner.

Francis J. Sweeney, of New York City, for respondent.

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

CHASE, Circuit Judge.

The facts are not in dispute. The respondent owned all of the capital stock of its subsidiary, General Finance Corporation, during 1924. In that year, General Finance Corporation sold 7,300 shares of the convertible preferred stock of the respondent to purchasers other than members of the affiliated group. It had previously acquired this stock from nonmembers of the group for $227,662.26 less than the price for which it sold the stock. The Commissioner...

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