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CHRISTMAN CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 10544.

166 F.2d 1016 (1948)

CHRISTMAN CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Sixth Circuit.

March 22, 1948.

Attorney(s) appearing for the Case

Clayton F. Jennings, of Lansing, Mich. (Clayton F. Jennings, of Lansing, Mich., and Clarence A. Bradford, of Detroit, Mich., on the brief), for petitioner.

Helen Goodner, of Washington, D. C. (Theron L. Caudle, George A. Stinson and Harry Marselli, all of Washington, D. C., on the brief), for respondent.

Before ALLEN, MARTIN, and McALLISTER, Circuit Judges.

ALLEN, Circuit Judge.

The principal question presented by this petition to review is whether shares of its own stock, acquired by petitioner by purchase or in satisfaction of indebtedness of some of its shareholders, have the status of treasury stock and constitute a part of equity invested capital for the purpose of calculating income and excess profits tax under the Excess Profits Act of 1940, § 710 et seq., Int.Rev.Code, 26 U.S.C., 26 U.S.C.A. Int.Rev.Code...

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