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ELLIOTT-LEWIS CO. v. COMMISSIONER OF INTERNAL REVENUE

Nos. 8979, 9014.

154 F.2d 292 (1946)

ELLIOTT-LEWIS CO. v. COMMISSIONER OF INTERNAL REVENUE. COMMISSIONER OF INTERNAL REVENUE v. ELLIOTT-LEWIS CO.

Circuit Court of Appeals, Third Circuit.

Decided March 18, 1946.

Attorney(s) appearing for the Case

C. Walter Randall, Jr., of Philadelphia, Pa. (Saul, Ewing, Remick & Saul, of Philadelphia, Pa., on the brief), for taxpayer.

Eugene E. Beyer, of Washington, D. C., (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, J. Louis Monarch, and Muriel S. Paul, Sp. Assts. to Atty. Gen., on the brief), for the Commissioner.

Before BIGGS, GOODRICH, and McLAUGHLIN, Circuit Judges.

PER CURIAM.

The question raised by the petition and cross-petition at bar is whether or not amounts paid on debentures issued by the taxpayer constitute deductible interest on "indebtedness". Both the taxpayer and the Commissioner contend that this court has the authority to review the decision of the Tax Court on this question asserting it to be one of law. But the scope of our review is delimited by the decisions of the Supreme Court in John Kelley Company v. Commissioner...

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