HOLMES, Circuit Judge.
J. J. Haverty, who owned preferred stock in Haverty Furniture Companies, Inc., was paid a large dividend on May 1, 1934. He included the full amount as income in his tax return for that year, and paid the tax thereon. His executors brought this suit in 1940 to compel a refund thereof on the ground that the distribution of the corporation was not a dividend paid out of accumulated earnings and profits, and was not income taxable under Section...
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