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BREWSTER SHIRT CORP. v. COMMISSIONER OF INTERNAL REV.

No. 14, Docket No. 20170.

159 F.2d 227 (1947)

BREWSTER SHIRT CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

January 11, 1947.

Attorney(s) appearing for the Case

Benjamin S. Kalnick, of New York City (Jerome Weit, of New York City, of counsel), for Brewster Shirt Corporation, petitioner.

Sewall Key, Acting Asst. Atty. Gen. A. F. Prescott and S. Dee Hanson, Sp. Assts. to the Atty. Gen., for the Commissioner of Internal Revenue, respondent.

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

AUGUSTUS N. HAND, Circuit Judge.

The taxpayer seeks to have reversed an order of the Tax Court of the United States which sustained a determination by the Commissioner of Internal Revenue of a deficiency in excess profits taxes for the year 1941 in the amount of $3,148.91.

The question before us is whether various advances to the taxpayer by its factor Mills Factors Corporation represented "borrowed capital" within the meaning of Section 719(a) (1), 26 U.S...

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