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PETIT ANSE CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 11427.

155 F.2d 797 (1946)

PETIT ANSE CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

May 9, 1946.

Attorney(s) appearing for the Case

Joseph S. Clark, of Philadelphia, Pa., Marion N. Fisher, of New York City, and Frank McLoughlin, of New Orleans, La., for petitioner.

I. Henry Kutz and Helen R. Carloss, Sp. Assts. to Atty. Gen., Sewall Key, Acting Asst. Atty. Gen., J. P. Wenchel, Chief Counsel, Bur. Int. Rev., and Bernard D. Daniels, Sp. Atty., Bur. Int. Rev., both of Washington, D. C., for appellee.

Before HOLMES, McCORD, and WALLER, Circuit Judges.

WALLER, Circuit Judge.

Two questions are involved in this case: (1) whether or not payments of eight per cent, if and when earned and declared, as provided for in certain "8 percent Registered Non-Cumulative Fifty Year Gold Debentures" were payments of interest on an indebtedness within the meaning of the statutes allowing deduction of same from gross income, or were merely distributions of earnings of the corporation in the nature of dividends; and (2) when a discovery...

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