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R. J. REYNOLDS TOBACCO CO. v. COMMISSIONER OF INT. REV.

No. 4290.

97 F.2d 302 (1938)

R. J. REYNOLDS TOBACCO CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fourth Circuit.

June 6, 1938.

Attorney(s) appearing for the Case

J. G. Korner, Jr., of Washington, D. C. (D. H. Blair, of Washington, D. C., and M. A. Braswell, of Winston-Salem, N. C., on the brief), for petitioner.

Morton K. Rothschild, Sp. Asst. to the Atty. Gen. (James W. Morris, Asst. Atty. Gen., and J. Louis Monarch, Sp. Asst. to the Atty. Gen., on the brief), for respondent.

Cravath, DeGersdorff, Swaine & Wood, of New York City (Wm. D. Whitney, of New York City, Richard H. Wilmer, of Washington, D. C., and Joseph C. White, of New York City, on the brief), amici curiæ.

Before PARKER and SOPER, Circuit Judges, and WAY, District Judge.

SOPER, Circuit Judge.

The petition in this case seeks a review of a decision of the Board of Tax Appeals wherein a deficiency in income tax of R. J. Reynolds Tobacco Company in the amount of $37,865.62 for the year 1929 was determined. The determination was based upon a profit of $286,581.21 realized by the corporation during the year from sales of its own class B common stock and was in conformity with the 1934 amendment of Article 66 of Treasury Regulations 74 relating...

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