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GUTBRO HOLDING CO. v. COM'R OF INTERNAL REVENUE

No. 174.

138 F.2d 16 (1943)

GUTBRO HOLDING CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

August 27, 1943.

Attorney(s) appearing for the Case

Root, Clark, Buckner & Ballantine, of New York City (George E. Cleary, of New York City, and S. Milton Simpson, of Washington, D. C., of counsel), for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, J. Louis Monarch, and Ray A. Brown, Spec. Assts. to Atty. Gen., for respondent.

Before L. HAND, AUGUSTUS N. HAND, and CHASE, Circuit Judges.

CHASE, Circuit Judge.

The only question presented by this appeal is whether or not the petitioner realized a taxable gain to be recognized as such under the Revenue Act of 1934, 26 U.S.C.A. Int.Rev.Acts, page 664 et seq., because of the way by which a statutory merger and consolidation of a wholly-owned subsidiary and its parent was brought about.

The petitioner, hereinafter called Consolidated to avoid confusion with a corporation whose name it took, is a...

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