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COMMISSIONER OF INTERNAL REVENUE v. GOLDWYN

No. 12037.

175 F.2d 641 (1949)

COMMISSIONER OF INTERNAL REVENUE v. GOLDWYN.

United States Court of Appeals Ninth Circuit.

June 20, 1949.

Attorney(s) appearing for the Case

Theron Lamar Caudle, Asst. Atty. Gen., Ellis N. Slack, Harry Marselli and Abbott Sellers, Sp. Assts. to the Atty. Gen., for petitioner.

Ferdinand Tannenbaum, Z. N. Diamond, Olvany, Eisner & Donnelly, New York City (Ferdinand Tannenbaum, Z. N. Diamond and George Slaff, New York City, on the brief), for respondent.

Before DENMAN, Chief Judge, and BONE and ORR, Circuit Judges.

ORR, Circuit Judge.

In 1942 respondent received a distribution in the amount of $800,000 from Samuel Goldwyn Studios, Inc., a corporation in which respondent owned all the outstanding shares. The principal source of the distribution was a reduction surplus created by corporate resolution reducing the par value of the capital stock and the stated capital of the corporation. The Commissioner determined that the sum of $239,059.58 of the distribution was from accumulated...

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