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DE NOBILI CIGAR CO. v. COMMISSIONER OF INTERNAL REV.

No. 92.

143 F.2d 436 (1944)

DE NOBILI CIGAR CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

June 20, 1944.

Attorney(s) appearing for the Case

Philip S. Hill, of New York City, for petitioner.

Samuel O. Clark, Jr., Sewall Key, J. Louis Monarch, and Morton K. Rothschild, all of Washington, D. C., for respondent.

Before L. HAND, SWAN, and FRANK, Circuit Judges.

FRANK, Circuit Judge.

1. We adhere to our ruling in Patty v. Helvering, 2 Cir., 98 F.2d 717, i.e., that, under § 115(g), [26 U.S.C.A. Int.Rev.Acts, page 385], redeemed shares are the equivalent of dividends if and only if the shares were not issued for genuine business purposes. The Tax Court has found that here the shares were not so issued, and we agree. In any event, this is the kind of case which comes within Dobson v. Commissioner...

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