COMMISSIONER OF INTERNAL REVENUE v. HASKELITE MFG. CORP.

No. 7920.

128 F.2d 902 (1942)

COMMISSIONER OF INTERNAL REVENUE v. HASKELITE MFG. CORPORATION.

Circuit Court of Appeals, Seventh Circuit.

June 25, 1942.


Attorney(s) appearing for the Case

J. P. Wenchel and Vernon F. Weekley, both of Washington D. C., Carlton Fox, Samuel O. Clark, Jr., and J. Louis Monarch, Asst. Attys. General, and Michael H. Cardozo, IV, Sp. Asst. to Atty. Gen., for petitioner.

John Harrington, of Chicago, Ill., for respondent.

Before MAJOR and MINTON, Circuit Judges, and LINDLEY, District Judge.


MAJOR, Circuit Judge.

This is a petition for review of a decision by the United States Board of Tax Appeals, entered June 5, 1941, holding that there was no deficiency in respondent's income tax for the year 1937. The validity of the decision is dependent upon the Board's conclusion that respondent could not have distributed profits for the year 1937, because it was prohibited from declaring or paying dividends by a written contract executed prior to May 1, 1936,...

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