SMITH v. UNITED STATES

No. 7652.

121 F.2d 692 (1941)

SMITH v. UNITED STATES.

Circuit Court of Appeals, Third Circuit.

June 26, 1941.


Attorney(s) appearing for the Case

William H. Foulk, of Wilmington, Del., for appellant.

James P. Garland, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and J. Louis Monarch, Sp. Assts. to Atty. Gen., and Stewart Lynch, U. S. Atty., of Wilmington, Del., on the brief), for appellee.

Before MARIS, JONES, and GOODRICH, Circuit Judges.


JONES, Circuit Judge.

In 1923 Smith, the appellant, formed a personal holding corporation under the laws of Delaware. He contributed to the company all of its assets and received in return all of its issued and outstanding capital stock, both preferred and common. Since then, he has continuously been the company's sole stockholder, as well as its president and a member of its board of directors, throughout the period covered by the matters in suit. In the years 1934...

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