HANEY, Circuit Judge.
This case involves the right of a corporation to deduct as interest amounts distributed as so-called "dividends" on its preferred stock.
General Fruit Company, a Delaware corporation, was engaged in the business of marketing fresh fruit, vegetables, and other food commodities, and in 1931, wished to buy the businesses of some of its competitors. The competitors wished to sell for cash, but the Fruit Company did not have sufficient cash...
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