COMMISSIONER OF INTERNAL REVENUE v. FORHAN R. CORP.

No 21.

75 F.2d 268 (1935)

COMMISSIONER OF INTERNAL REVENUE v. FORHAN REALTY CORPORATION.

Circuit Court of Appeals, Second Circuit.

February 4, 1935.


Attorney(s) appearing for the Case

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and J. Louis Monarch, Sp. Assts. to Atty. Gen., for petitioner.

Laurence Graves, of Washington, D. C., for respondent.

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


MANTON, Circuit Judge.

On November 15, 1929, the respondent, a New York corporation, was the owner of 47,900 shares of common stock, of no par value, of the Forhan Company, a corporation which had outstanding 150,000 shares of common stock and 150,000 shares of class A common stock. The Forhan Company had accumulated, since February 28, 1913, a surplus of $2,383,263.51. On November 15, 1929, it transferred all its assets subject to its liabilities to the Zonite Products...

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