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MEURER STEEL BARREL CO. v. COMMISSIONER OF INT. REV.

No. 8520.

144 F.2d 282 (1944)

MEURER STEEL BARREL CO., Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

Decided July 21, 1944.

Attorney(s) appearing for the Case

Emanuel A. Stern, of New York City, for petitioner.

Louise Foster, of Washington, D. C. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and A. F. Prescott, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before DOBIE and McLAUGHLIN, Circuit Judges and KALODNER, District Judge.

McLAUGHLIN, Circuit Judge.

The dispute here centers around the disposal of the taxpayer's business. The Tax Court found that the petitioner sold its assets and realized a profit. Petitioner contends that it distributed its assets in liquidation to its stockholders with consequently no profit involved and, therefore, no tax. The pertinent parts of the Revenue Act of 1936 are set out in the footnote.1

The Tax Court found the following...

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