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NEW YORK STOCKS v. COMMISSIONER OF INTERNAL REVENUE

No. 21, Docket 20637.

164 F.2d 75 (1947)

NEW YORK STOCKS, Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

November 5, 1947.

Attorney(s) appearing for the Case

Harris Berlack, of New York City (Carlos L. Israels, of New York City, on the brief), for petitioner.

Newton K. Fox, Sp. Asst. to Atty. Gen. (Theron L. Caudle, Asst. Atty. Gen., and Sewall Key and Helen R. Carloss, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before AUGUSTUS N. HAND, CLARK, and FRANK, Circuit Judges.

CLARK, Circuit Judge.

Petitioner, an "open-end" investment company, offers shares of its stock for sale and invests the proceeds therefrom in securities. Its stock is issued in 21 series, each designated by the name of a different industry. As shares are sold the proceeds are invested in securities of those companies engaged in the industry indicated by the name of the series, and the shareholder participates only in assets derived from the series in which he holds...

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