SECURITIES ALLIED CORP. v. COMMISSIONER OF INTERNAL REV.

No. 1-149.

95 F.2d 384 (1938)

SECURITIES ALLIED CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

March 21, 1938.


Attorney(s) appearing for the Case

Mabel Walker Willebrandt, of Washington, D. C., Edwin L. Weisl, of New York City, and C. J. McGuire, of Washington, D. C., for petitioner.

James W. Morris, Asst. Atty. Gen., and J. Louis Monarch and Carlton Fox, Sp. Assts. to Atty. Gen., for respondent.

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


SWAN, Circuit Judge.

The petitioner, Securities Allied Corporation, was organized under the laws of Delaware in September, 1929, for the purpose of buying and selling securities, participating in underwriting syndicates, and engaging in other investment activities. Its executive committee met daily to decide what securities to buy or sell; the purchases and sales were made through brokers or through Chatham Phenix Corporation. The petitioner kept its books, and made...

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