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GIBBS & COX v. COMMISSIONER OF INTERNAL REVENUE

No. 81.

147 F.2d 60 (1945)

GIBBS & COX, Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

January 29, 1945.

Attorney(s) appearing for the Case

Thomas G. Chamberlain, Hugh Satterlee, Edward J. Willi, and I. Herman Sher, all of New York City (John M. Maguire, of Boston, Mass., of counsel), for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, A. F. Prescott, and Carlton Fox, Sp. Assts. to Atty. Gen., for respondent.

Before SWAN, AUGUSTUS N. HAND, and CHASE, Circuit Judges.

SWAN, Circuit Judge.

Section 102 of the Internal Revenue Code, 26 U.S.C.A. Int.Rev.Code, § 102,1 imposes a surtax upon the net income of a corporation if the corporation is availed of for the purpose of preventing the imposition of surtaxes upon its shareholders through the medium of permitting its earnings or profits to accumulate instead of being distributed, and provides further that the fact that the corporate earnings or profits...

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