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MONMOUTH PLUMBING SUPPLY CO. v. UNITED STATES

No. 12384.

170 F.2d 674 (1948)

MONMOUTH PLUMBING SUPPLY CO., Inc. v. UNITED STATES.

United States Court of Appeals Fifth Circuit.

November 12, 1948.

Attorney(s) appearing for the Case

C. B. Kniskern, Jr., and Douglas D. Felix, both of Miami, Fla., for appellant.

Abbott M. Sellers and George A. Stinson, Sp. Assts. to Atty. Gen., Theron Lamar Caudle, Asst. Atty. Gen., Herbert S. Phillips, U. S. Atty., of Tampa, Fla., and Ernest L. Duhaime, Asst. U. S. Atty., of Miami, Fla., for appellee.

Before HUTCHESON, SIBLEY and WALLER, Circuit Judges.

HUTCHESON, Circuit Judge.

The suit was to recover taxes overpaid. The claim was: that in computing its undistributed profits for surtax purposes, plaintiff was entitled to a credit under Sec. 26(c) (1)1 of the Revenue Act of 1936, 26 U.S.C.A.Int. Rev.Acts, p. 836, by reason of an extension agreement2 which it made with its bondholders prior to May 1, 1936, prohibiting it from paying dividends during the taxable...

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