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ASIATIC PETROLEUM CO. v. COMMISSIONER OF INTERNAL REV.

No. 472.

79 F.2d 234 (1935)

ASIATIC PETROLEUM CO. (DELAWARE), LIMITED, v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

August 16, 1935.

Attorney(s) appearing for the Case

Cravath, de Gersdorff, Swaine & Wood, of New York City (William D. Whitney, M. T. Moore, Joseph C. White, and George G. Tyler, all of New York City, of counsel), for petitioner.

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and Lucius A. Buck, Sp. Assts. to Atty. Gen., for respondent.

Before MANTON, SWAN, and CHASE, Circuit Judges.

SWAN, Circuit Judge.

This case was heard by the Board upon stipulated facts, which included a stipulation that, if the Commissioner was correct in applying section 45 of the Revenue Act of 1928 (45 Stat. 806, 26 USCA § 2045), there was a deficiency of $303,083 in the petitioner's tax for the year 1929; otherwise there was no deficiency. The Board sustained the Commissioner.

The agreed facts are these: Two foreign corporations, one organized under the...

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