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HOUSTON COTTON EXCHANGE BLDG. CO. v. COMMISSIONER INT. REV.

No. 10189.

134 F.2d 323 (1943)

HOUSTON COTTON EXCHANGE BLDG. CO., Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

February 27, 1943.

Attorney(s) appearing for the Case

L. E. Blankenbecker and Charles Dillingham, both of Houston, Tex. for petitioner.

Maryhelen Wigle, J. Louis Monarch, and A. F. Prescott, Sp. Assts. to the Atty. Gen., Samuel O. Clark, Jr., Asst. U. S. Atty., J. P. Wenchel, Chief Counsel, and John W. Smith, Sp. Atty., Bureau of Internal Revenue, all of Washington, D. C., for respondent.

Before HUTCHESON, HOLMES, and McCORD, Circuit Judges.

HUTCHESON, Circuit Judge.

The Commissioner determined, and the Board affirmed,1 that payments the Petitioner made on its debt in its fiscal year 1938 did not entitle it to a Section 26(c) (2) credit deduction.2 Agreeing with petitioner that the payments in question were made out of the earnings and profits of the taxable year; and that they were made pursuant to a...

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