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BAKERS' MUTUAL COOP. ASS'N v. COMMISSIONER OF INT. REV.

No. 7575.

117 F.2d 27 (1941)

BAKERS' MUTUAL COOPERATIVE ASS'N OF NEWARK, N. J., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

January 7, 1941.

Attorney(s) appearing for the Case

Charles Handler, of Newark, N. J., for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and William L. Cary, Sp. Asst. to the Atty. Gen., for respondent.

Before MARIS, JONES, and GOODRICH, Circuit Judges.

GOODRICH, Circuit Judge.

This is a petition to review decisions of the United States Board of Tax Appeals It involves but one question. It is whether payments made by the taxpayer to the holders of certain "certificates of deposit" issued by it were payments of interest upon indebtedness or whether they are to be classified as payments of dividends. If payments of interest they are deductible in computing net income; if payments of dividends they are not.

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