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PROPPER v. COMMISSIONER OF INTERNAL REVENUE

Nos. 121-123.

89 F.2d 617 (1937)

PROPPER et al. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

April 12, 1937.

Attorney(s) appearing for the Case

John E. Hughes, of Chicago, Ill., and Bondy & Schloss and Charles Kurz, all of New York City, for petitioners.

Robert H. Jackson, Asst. Atty. Gen., and Sewall Key and Helen R. Carloss, Sp. Assts. to the Atty. Gen., for respondent.

Before MANTON, L. HAND, and CHASE, Circuit Judges.

MANTON, Circuit Judge.

The petitioners appeal from deficiencies in income taxes for the year 1928 asserted against them by the Commissioner. In 1928 they owned 6,617½ shares of common stock, all the outstanding shares of the Propper Silk Hosiery Mills, Inc., a New York corporation, engaged in manufacturing "ingrain" hosiery. The authorized capitalization of the corporation was 7,500 shares of $100 par value. June 13, 1928, the corporation entered into a contract...

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