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COMMISSIONER OF INTERNAL REV. v. WINCHESTER REP. ARMS CO.

No. 8050 - 1.

134 F.2d 6 (1943)

COMMISSIONER OF INTERNAL REVENUE v. WINCHESTER REPEATING ARMS CO. WINCHESTER REPEATING ARMS CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Seventh Circuit.

March 8, 1943.

Attorney(s) appearing for the Case

J. P. Wenchel and John W. Smith, Bureau of Internal Revenue, and Samuel O. Clark, Jr., Sewall Key, Arthur A. Armstrong, Helen R. Carloss, and Gerald L. Wallace, Dept. of Justice, all of Washington, D. C., for petitioner.

Geo. E. H. Goodner, of Washington, D. C. (Helen Goodner, of Washington, D. C., of counsel), for respondent.

Before EVANS, SPARKS and MAJOR, Circuit Judges.

SPARKS, Circuit Judge.

The principal question here presented is whether the taxpayer is entitled to a dividends paid credit of $2,160,274, for the year 1938, by reason of its distribution in that year to the Western Cartridge Company (which owned all its capital stock) of all its assets, including its earned surplus accumulated after February 28, 1913, in complete liquidation, followed by its dissolution.

The Tax Court allowed the credit claimed by the taxpayer...

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