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SCHINEBRO, INC. v. COMMISSIONER OF INTERNAL REVENUE

No. 16.

131 F.2d 504 (1942)

SCHINEBRO, Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

November 25, 1942.

Attorney(s) appearing for the Case

John E. Hughes, of Chicago, Ill., for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., Sewall Key, Gerald L. Wallace, and Newton K. Fox, Sp. Assts. to Atty. Gen., for respondent.

Before L. HAND, SWAN and CHASE, Circuit Judges.

CHASE, Circuit Judge.

Schinebro, Inc., is a personal holding company whose stock is wholly owned by two brothers, J. M. and L. W. Schine. On August 15, 1936, the brothers Schine as directors of the company declared themselves a dividend of $15,000 for the year 1936. The dividend was to be paid by a distribution of 1000 shares of Texas and Pacific Coal and Oil Company and the allocation of cash, already received by the brothers...

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