SABINE TRANSP. CO., Inc.,
v.
COMMISSIONER OF INTERNAL REVENUE.
Circuit Court of Appeals, Fifth Circuit.https://leagle.com/images/logo.png
June 30, 1942.
Rehearing Denied August 13, 1942.
Attorney(s) appearing for the Case
James H. Yeatman, of Houston, Tex., for petitioner.
Arthur A. Armstrong and Sewall Key, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Claude R. Marshall, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.
Before SIBLEY, HUTCHESON and HOLMES, Circuit Judges.
Circuit Court of Appeals, Fifth Circuit.
HUTCHESON, Circuit Judge.
Submitted upon stipulation as to the facts,1 the Board, following its decision in Spokane Dry Goods Co. v. Commissioner,2 sustained the determination of the Commissioner that in computing its income tax for the taxable year 1938, the taxpayer was not entitled under 27(a) (4),3 to take a dividends paid credit for the $530,000 used to pay or retire the notes...
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