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CHENANGO TEXTILE CORP. v. COMMISSIONER OF INT. REV.

No 25.

148 F.2d 296 (1945)

CHENANGO TEXTILE CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

March 23, 1945.

Attorney(s) appearing for the Case

C. Addison Keeler, of Binghamton, N. Y., for petitioner.

Samuel O. Clark, J. Sewall Key, J. Louis Monarch, and Harold C. Wilkenfeld, all of Washington, D. C., for respondent.

Before SWAN, CHASE, and FRANK, Circuit Judges.

FRANK, Circuit Judge.

1. In Carroll-McCreary v. Commissioner of Internal Revenue, 2 Cir., 124 F.2d 303, 305, this court stated that "the phrase `gratuitously forgives the debt'1 means simply that no consideration is paid by the corporation for release of the debt." We are still of that opinion, especially since the rationale of the Carroll-McCreary case has been buttressed by the Supreme Court's decision...

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