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UNITED STATES v. BYRON SASH & DOOR CO.

No. 9862.

150 F.2d 44 (1945)

UNITED STATES et al. v. BYRON SASH & DOOR CO.

Circuit Court of Appeals, Sixth Circuit.

June 18, 1945.

Attorney(s) appearing for the Case

H. P. Zarky, of Washington, D. C. (Samuel O. Clark, Jr., Sewall Key, Helen R. Carloss, and Paul S. McMahon, all of Washington, D. C., and Eli H. Brown, III, of Louisville, Ky., on the brief), for appellants.

David R. Castleman, of Louisville, Ky., for appellee.

Before SIMONS, MARTIN, and McALLISTER, Circuit Judges.

McALLISTER, Circuit Judge.

In 1929, the Byron Sash & Door Company, with outstanding capital stock of $140,000, had surplus and undivided profits of $145,090.93, from which, on December 11, 1929, it paid a cash dividend of $12,000. At the same time, it transferred $130,000 to the capital account, leaving a surplus of $3,090.93. Shortly thereafter, on April 2, 1930, it distributed a stock dividend of $130,000. In the subsequent seven years, it incurred operating...

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