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E. R. SQUIBB & SONS v. HELVERING

No. 233.

98 F.2d 69 (1938)

E. R. SQUIBB & SONS v. HELVERING, Com'r of Internal Revenue.

Circuit Court of Appeals, Second Circuit.

July 12, 1938.

Attorney(s) appearing for the Case

Cravath, de Gersdorff, Swaine & Wood, of New York City (William D. Whitney, Joseph C. White, and Thomas F. Boyle, all of New York City, of counsel), for petitioner.

James W. Morris, Asst. Atty. Gen., and Sewall Key and Morton K. Rothschild, Sp. Assts. to Atty. Gen., for respondent.

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

L. HAND, Circuit Judge.

This appeal is from an order, assessing a deficiency on the taxpayer's income tax return for the year 1932. The taxpayer is a large manufacturer of drugs and other chemicals, which in the year 1929 devised a plan to allow its customers to share in its profits. They were to take stock in a corporation organized by the taxpayer under the name of Squibb Plan, Inc., whose assets were to consist of shares...

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