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COMMISSIONER OF INTERNAL REVENUE v. SUN PIPE LINE CO.

Nos. 7784, 7832.

126 F.2d 888 (1942)

COMMISSIONER OF INTERNAL REVENUE v. SUN PIPE LINE CO. SAME v. PIERMONT CORPORATION.

Circuit Court of Appeals, Third Circuit.

Decided March 23, 1942.

Attorney(s) appearing for the Case

Arthur A. Armstrong, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., and J. Louis Monarch, and Helen R. Carloss, Sp. Assts., to Atty. Gen., on the brief), for petitioner.

John Blair Moffett, of Philadelphia, Pa., (Henry A. Frye, of Philadelphia, Pa., on the brief), for respondent in No. 7784.

Francis L. Casey, of New York City (Walter S. Orr and White & Case, both of New York City, on the brief), for respondent in No. 7832.

Before CLARK and JONES, Circuit Judges, and GIBSON, District Judge.

CLARK, W., Circuit Judge.

The taxpayers are personal holding companies incorporated in Delaware. Prior to January 1, 1934 Piermont Corporation owed the First National Bank of New York $1,162,561.25. Foreseeing the consequences of a sudden calling of this demand loan, Piermont replaced the obligation with twenty-year debentures issued as of January 1, 1934. At the close of 1934 a sinking fund for the retirement of the debentures was established and a reserve of $50...

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