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McNAGHTEN v. UNITED STATES

Nos. 42688, 42689.

17 F.Supp. 509 (1937)

McNAGHTEN v. UNITED STATES. POLLOCK v. SAME.

Court of Claims.

January 11, 1937.

Attorney(s) appearing for the Case

Thomas R. Dempsey, of Los Angeles, Cal. (A. Calder Mackay, of Los Angeles, Cal., on the briefs), for plaintiffs.

Guy Patten, of Washington, D. C., and Robert H. Jackson, Asst. Atty. Gen., for the United States.

Before BOOTH, Chief Justice, and GREEN, LITTLETON, WILLIAMS, and WHALEY, Judges.

LITTLETON, Judge.

Plaintiffs contend that the amounts distributed by the Holmby Corporation out of its earnings and profits, being distributions in complete liquidation of that corporation, all constituted a return of capital to the trustees of the Arthur Letts Trust for the reason that, under section 201 (c) of the Revenue Act of 1926 (44 Stat. 10, 11) they were in the nature of part payments in exchange for the stock...

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