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EMELOID CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 10337.

189 F.2d 230 (1951)

EMELOID CO., Inc. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Third Circuit.

Decided May 10, 1951.

Attorney(s) appearing for the Case

Sydney A. Gutkin, Newark, N. J. (David Beck, Newark, N. J., on the brief), for petitioner.

Carolyn R. Just, Washington, D. C. (Theron Lamar Caudle, Asst. Atty. Gen., Ellis N. Slack, Helen Goodner, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before KALODNER, STALEY and HASTIE, Circuit Judges.

STALEY, Circuit Judge.

We are asked to decide whether sums borrowed by a corporation for the purchase of single-premium life insurance policies on the lives of its two principal stockholder-officers constitute "borrowed invested capital" within the meaning of Section 719 of the World War II Excess Profits Tax Act,1 26 U.S.C.A. § 719. The taxable year in question is the fiscal year ending June 30, 1944.

The basic facts are...

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