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DECATUR WATER SUPPLY CO. v. COMMISSIONER OF INT. REV.

No. 6019.

88 F.2d 341 (1937)

DECATUR WATER SUPPLY CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Seventh Circuit.

February 25, 1937.

Attorney(s) appearing for the Case

Ralph J. Monroe, of Decatur, Ill., for petitioner.

F. E. Youngman, of Washington, D. C., Robert H. Jackson, Asst. Atty. Gen., and Sewall Key, Norman D. Keller, and Warren F. Wattles, Sp. Assts. to Atty. Gen., for respondent.

Before SPARKS, Circuit Judge, and LINDLEY and BRIGGLE, District Judges.

BRIGGLE, District Judge.

This is a petition to review the decision of the Board of Tax Appeals, affirming an order of the Commissioner, levying a deficiency assessment against the petitioner for income tax for the years 1929, 1930, and 1931. The question for determination is whether money received in those years and applied by the taxpayer in retirement of its preferred stock is "income" within the meaning of the Revenue Act of 1928 (45 Stat. 791).

The facts...

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