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COMMISSIONER OF INT. REV. v. MIDLAND ELEC. COAL CORP.

No. 8687.

152 F.2d 171 (1945)

COMMISSIONER OF INTERNAL REVENUE v. MIDLAND ELECTRIC COAL CORPORATION.

Circuit Court of Appeals, Seventh Circuit.

December 11, 1945.

Attorney(s) appearing for the Case

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Robert N. Anderson, Harry Baum, Hilbert P. Zarky, Dept. of Justice, and J. P. Wenchel, Bureau of Int. Rev., all of Washington, D. C., for petitioner.

William H. Cooke, of Chicago, Ill., William A. Clineburg, Howard W. Vesey and George F. Hirmon, all of Washington, D. C. (Vesey, Wheeler & Prince, of Washington, D. C., of counsel), for respondent.

Before EVANS, SPARKS and MAJOR, Circuit Judges.

SPARKS, Circuit Judge.

The Commissioner of Internal Revenue challenges a decision of the Tax Court holding the taxpayer entitled to a credit on its undistributed profits surtax under § 26(c) (1) of the Revenue Act of 1936, 26 U.S.C.A. Int.Rev.Acts, page 835.

November 19, 1935, the taxpayer negotiated a loan in order to refund an outstanding indebtedness of $1,000,000, executing mortgages to secure it. These mortgages contained the following provision...

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