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COMMISSIONER OF INT. REV. v. NORTH AMERICAN B. TRUST

No. 237.

122 F.2d 545 (1941)

COMMISSIONER OF INTERNAL REVENUE v. NORTH AMERICAN BOND TRUST.

Circuit Court of Appeals, Second Circuit.

August 14, 1941.

Attorney(s) appearing for the Case

Samuel O. Clark, Jr., Asst. Atty. Gen. (Sewall Key and Michael H. Cardozo, IV, Sp. Assts. to Atty Gen., of counsel), for petitioner.

Claude A. Hope, of New York City (Delafield, Marsh, Porter & Hope and James C. Mulligan, all of New York City, of counsel), for respondent.

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

L. HAND, Circuit Judge.

I distinguish the case at bar from Commissioner v. Chase National Bank, 122 F.2d 540 handed down at the same time, because here the "Depositor" had it in his power in effect to change the investment of certificate holders at his discretion, as I shall try to show. In Commissioner v. Chase National Bank, supra, each "Unit" consisted of sixteen shares in each of thirty specified companies; and each later "Unit...

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