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JOHN KELLEY CO. v. COMM'R.

No. 36.

326 U.S. 521 (1946)

JOHN KELLEY CO. v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided January 7, 1946.

Attorney(s) appearing for the Case

Mr. Frank J. Albus for petitioner in No. 36. Mr. Melville F. Weston for petitioner in No. 47.

Mr. J. Louis Monarch, with whom Acting Solicitor General Judson, Assistant Attorney General Samuel O. Clark, Jr., Mrs. Maryhelen Wigle and Mr. I. Henry Kutz were on the brief, for respondent.

Messrs. Joseph S. Clark and Marion N. Fisher filed a brief in No. 36, as amici curiae, urging reversal.

Opinion of the Court by MR. JUSTICE REED, announced by MR. JUSTICE FRANKFURTER.

These writs of certiorari were granted to examine the deductibility as interest of certain payments which the taxpayer corporations made to holders of their corporate obligations. Although the obligations of the two taxpayers had only one striking difference, the noncumulative in one and the cumulative quality in the other of the payments reserved...

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