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COMMISSIONER OF INTERNAL REVENUE v. J. N. BRAY CO.

No. 9963.

126 F.2d 612 (1942)

COMMISSIONER OF INTERNAL REVENUE v. J. N. BRAY CO.

Circuit Court of Appeals, Fifth Circuit.

March 13, 1942.

Attorney(s) appearing for the Case

Edward H. Hammond, J. Louis Monarch, and Sewall Key, Sp. Assts. to the 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 petitioner.

Dean Boggs, of Jacksonville, Fla., and J. B. Copeland and O. H. Dukes, both of Valdosta, Ga., for respondent.

Before FOSTER, SIBLEY, and McCORD, Circuit Judges.

McCORD, Circuit Judge.

The petition for review involves income tax for the year 1937. The facts are not in dispute, and are briefly these: The taxpayer, J. N. Bray Company, is a Georgia corporation. The stock of the company originally consisted of shares of $100.00 par value common capital stock. In March, 1937, the stockholders met and voted to change the capital structure of the corporation. At this meeting the president of the corporation discussed proposed amendments...

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