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HUGHES TOOL CO. v. COMMISSIONER OF INTERNAL REVENUE

Nos. 11102, 11103.

147 F.2d 967 (1945)

HUGHES TOOL CO. v. COMMISSIONER OF INTERNAL REVENUE (two cases).

Circuit Court of Appeals, Fifth Circuit.

March 9, 1945.

Attorney(s) appearing for the Case

J. L. Lockett, of Houston, Tex., for petitioner.

Warren F. Wattles, Sewall Key, Helen R. Carloss, and Morton K. Rothschild, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and John M. Morawski, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before SIBLEY, HOLMES, and WALLER, Circuit Judges.

SIBLEY, Circuit Judge.

In this consolidated case, taxes for 1936 and 1937 are involved, and the dispute is over the disallowance in computing the surtax on undistributed profits of a credit claimed under Revenue Act of 1936, Sec. 26(c) (1), 26 U.S.C.A. Int.Rev.Acts, page 836, by reason of a contract restricting the payment of dividends and requiring earnings to be set apart to pay a debt. There was such a contract executed by a wholly owned subsidiary, which was dissolved...

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