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RARITAN CO. OF DELAWARE v. COM'R OF INTERNAL REVENUE

No. 8266.

136 F.2d 364 (1943)

RARITAN CO. OF DELAWARE, Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

Decided June 7, 1943.

Attorney(s) appearing for the Case

James Craig Peacock, of Washington, D. C. (Paul F. Myers, of Washington, D. C., and Kenneth Perry, of New Brunswick, N. J., on the brief), for petitioner.

Mary Helen Wigle, of Washington, D. C. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Samuel H. Levy, and William A. Clineburg, Sp. Assts. to the Atty. Gen., on the brief), for appellee.

Before MARIS, JONES, and GOODRICH, Circuit Judges.

GOODRICH, Circuit Judge.

In 1927 J. Seward Johnson borrowed $541,710 from the Chase National Bank to purchase from his uncle 1,667 shares of common stock of Johnson & Johnson, a manufacturer of medical, surgical and hospital supplies. In 1932, no reduction in the loan having been made, a plan was formulated whereby the dividends paid by Johnson & Johnson could be made available to liquidate the loan. About March 31, 1932, the petitioner herein was incorporated...

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