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COMMISSIONER OF INTERNAL REVENUE v. BROWN

Nos. 4920, 4921.

69 F.2d 602 (1934)

COMMISSIONER OF INTERNAL REVENUE v. BROWN (two cases).

Circuit Court of Appeals, Seventh Circuit.

March 22, 1934.

Attorney(s) appearing for the Case

Sewall Key and Carlton Fox, Sp. Assts. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Chester A. Gwinn, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for petitioner.

Herbert Pope, E. Barrett Prettyman, and Benjamin M. Price, all of Washington, D. C., for respondents.

Before ALSCHULER, SPARKS, and FITZHENRY, Circuit Judges.

FITZHENRY, Circuit Judge.

These cases are brought here by the Commissioner to reverse a holding of the Board of Tax Appeals that the redemption and cancellation of the preferred stock in question did not take place "at such time and in such manner" as to make it essentially equivalent to the distribution of a taxable dividend within the meaning of section 201 (g) of the Revenue Act of 1926, 26 USCA § 932 (g).

In 1922 there was a recapitalization of the...

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