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HERCULES GASOLINE CO. v. COMMISSIONER OF INT. REV.

No. 11211.

147 F.2d 972 (1945)

HERCULES GASOLINE CO., Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied April 19, 1945.

Attorney(s) appearing for the Case

Melvin F. Johnson, of Shreveport, La., for petitioner.

Maryhelen Wigle, Sewall Key, and A. F. Prescott, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., 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 HUTCHESON, HOLMES, and McCORD, Circuit Judges.

HOLMES, Circuit Judge.

Section 26(c) (1) of the Revenue Act of 1936, 26 U.S.C.A. Int.Rev.Acts, page 836, relieves corporations from taxes upon undistributed profits to the extent that such profits could not be distributed without violating a provision of a written contract executed by the corporation prior to May 1, 1936, which provision expressly dealt with the payment of dividends. Petitioner's transferor, prior to May 1, 1936, issued preferred-stock certificates...

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