EVANS, Circuit Judge.
An undistributed profits tax of $32,160.95 for the years 1936 and 1937, was disallowed by the District Court on the ground that appellee was not subject to the tax, because it was both "insolvent and in receivership." Our only question involves the correctness of the court's finding (or conclusion) that appellee was "insolvent" within the meaning of the statute for each of the tax years involved.
The Facts. The Company's receivership...
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