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COMMISSIONER OF INT. REV. v. MERIDIAN & THIRTEENTH R. CO.

No. 7978.

132 F.2d 182 (1942)

COMMISSIONER OF INTERNAL REVENUE v. MERIDIAN & THIRTEENTH REALTY CO.

Circuit Court of Appeals, Seventh Circuit.

November 5, 1942.

Attorney(s) appearing for the Case

J. P. Wenchel and Roy N. McMillan, both of Washington, D. C., Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and Arthur A. Armstrong, Sp. Assts. to Atty. Gen., for petitioner.

Merlin M. Dunbar and Lucien L. Dunbar, both of Indianapolis, Ind., for respondent.

Before EVANS, MAJOR, and KERNER, Circuit Judges.

EVANS, Circuit Judge.

Whether a corporate distribution was a dividend or an interest payment, is the major issue on this appeal which involves Federal income taxes. The M. & T. Co., made an $1,800 payment in 1936, which it claims was interest on its indebtedness, but which the Commissioner asserts was a dividend on preferred stock. The Board of Tax Appeals concluded that the payment was one of interest on indebtedness, and therefore deductible Sec. 23(b)

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