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HELVERING v. OHIO LEATHER CO.

No. 40.

317 U.S. 102 (1942)

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. OHIO LEATHER CO.

Supreme Court of United States.

Decided November 9, 1942.

Attorney(s) appearing for the Case

Mr. Valentine Brookes argued the cause, and Solicitor General Fahy, Assistant Attorney General Clark, and Messrs. Sewall Key, Edward First, and Richard S. Salant were on the brief, for petitioner.

Mr. Donald J. Lynn for the Ohio Leather Company; Mr. Raymond S. Powers, with whom Mr. Arthur Morgan was on the brief, for the Strong Manufacturing Company; and Mr. Raymond T. Sawyer, Jr., with whom Mr. Raymond T. Jackson was on the brief, for the Warren Tool Corporation, — respondents.

MR. JUSTICE MURPHY delivered the opinion of the Court.

The issue is whether respondents are entitled to certain claimed credits against their undistributed profits tax for the 1936 taxable year1 by virtue of § 26 (c) (2) of the Revenue Act of 1936, 49 Stat. 1648.2

In each of these cases the taxpayer corporation contracted prior to May 1, 1936, by a written...

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