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INTERNATIONAL TICKET SCALE CORP. v. UNITED STATES

No. 95, Docket 20774.

165 F.2d 358 (1948)

INTERNATIONAL TICKET SCALE CORPORATION v. UNITED STATES.

Circuit Court of Appeals, Second Circuit.

January 7, 1948.

Attorney(s) appearing for the Case

David M. Palley, of New York City, for plaintiff-appellant.

Jay Slonim, Asst. U. S. Atty., of New York City (John F. X. McGohey, U. S. Atty., of New York City, on the brief), for defendant-appellee.

Before CHASE, CLARK, and FRANK, Circuit Judges.

CLARK, Circuit Judge.

The Revenue Act of 1936, § 14, 26 U.S. C.A. Int.Rev.Acts, page 823, levied a tax upon that part of the corporate net income which had not been distributed as dividends. Cf. New York Stocks, Inc. v. C.I.R., 2 Cir., 164 F.2d 75. Section 26(c) (3) of the same Act, as amended by § 501(a) (2) of the Revenue Act of 1942, 26 U.S. C.A. Int.Rev.Acts, page 344, allows a credit where "the corporation is prohibited...

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