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COMMISSIONER OF I. R. v. UNITED STATES & INT. SEC. CORP.

Nos. 7902, 7903.

130 F.2d 894 (1942)

COMMISSIONER OF INTERNAL REVENUE v. UNITED STATES & INTERNATIONAL SECURITIES CORPORATION. UNITED STATES & INTERNATIONAL SECURITIES CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

Decided September 24, 1942.

Rehearing Granted October 30, 1942.

Attorney(s) appearing for the Case

John P. Ohl, of New York City (Wright, Gordon, Zachry, Parlin & Cahill, Samuel A. McCain and John A. Reed, all of New York City, on the brief), for taxpayer.

Louise Foster, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., and J. Louis Monarch, and A. F. Prescott, Sp. Assts. to Atty. Gen., on the brief), for the Commissioner.

Before BIGGS, MARIS, and JONES, Circuit Judges.

BIGGS, Circuit Judge.

In 1928 Berliner Stadische Elektrizitatswerke Aktiengesellschaft, Berlin Electric, arranged for a loan of 12,600,000 reichsmarks, the equivalent of about $3,000,000. The company gave its note, bearing interest at 8% to Siemens-Schuckertwerke Aktiengesellschaft for 12,600,000 reichsmarks. By its terms the note was payable in six semi-annual installments of 2,100,000 reichsmarks each, beginning on July 1, 1932, and ending upon January 1, 1935....

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