BYNUM v. COMMISSIONER OF INTERNAL REVENUE

No. 9453.

113 F.2d 1 (1940)

BYNUM et al. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

July 2, 1940.


Attorney(s) appearing for the Case

Ross M. Lambdin and Walter G. Russell, both of Amarillo, Tex., for petitioners.

John A. Gage and Sewall Key, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, and C. E. Lowery, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before FOSTER, HUTCHESON, and HOLMES, Circuit Judges.


FOSTER, Circuit Judge.

Petitioners in this case are stockholders in the Badger Oil Co. and, in making individual returns for income taxes for the year 1935, deducted the cost of their stock from two dividends received from that company during the taxable year, contending they were liquidating dividends. The commissioner held that the dividends were ordinary dividends paid from earned surplus and determined deficiencies. The Board affirmed the Commissioner's ruling...

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