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COMMISSIONER OF INT. REV. v. SAGINAW & MANISTEE L. CO.

No. 8065.

133 F.2d 755 (1943)

COMMISSIONER OF INTERNAL REVENUE v. SAGINAW & MANISTEE LUMBER CO.

Circuit Court of Appeals, Seventh Circuit.

February 27, 1943.

Attorney(s) appearing for the Case

Samuel O. Clark, Jr., Sewall Key, Edward First, A. F. Prescott, J. P. Wenchel, and Charles E. Lowery, all of Washington, D. C., for petitioner.

Robert P. Smith, Wm. Ristig, and K. M. Orser, all of Washington, D. C. (Smith, Ristig & Smith, of Washington, D. C., of counsel), for respondent.

Before MAJOR, KERNER, and MINTON, Circuit Judges.

MINTON, Circuit Judge.

The respondent-taxpayer, Saginaw & Manistee Lumber Company, is a corporation engaged in the business of running a sawmill, and in using some of the lumber in certain manufacturing processes. It owns its own power plant, and from the power plant sells electricity to outsiders.

The respondent was in financial difficulties and to assure the payment of its bonds, it entered into a contract in January 1936 with the Bondholders' Protective...

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