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AMERICAN RANGE LINES v. COMMISSIONER OF INT. REV.

No. 63, Docket 22369.

200 F.2d 844 (1952)

AMERICAN RANGE LINES, Inc. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Second Circuit.

Decided December 3, 1952.

Attorney(s) appearing for the Case

Nelson, Healy, Baillie & Burke, New York City, and Conlen, LaBrum & Beechwood, Philadelphia, Pa. (George E. Beechwood, Lewis Weinstock, Philadelphia, Pa., and Allan A. Baillie, New York City, of counsel), for petitioner.

Charles S. Lyon, Ellis N. Slack, A. F. Prescott, and Fred E. Youngman, Washington, D. C., for respondent.

Before SWAN, Chief Judge, and L. HAND and FRANK, Circuit Judges.

FRANK, Circuit Judge.

When taxpayer's sole stockholder, Mrs. Rogers, litigated the question of her taxes arising from this very transaction, the Third Circuit (reversing the Tax Court) held that the entire consideration paid by Liberty (i. e., American Liberty Steamship Corporation) was paid to Mrs. Rogers for her consent — evidenced by the November 27, 1944 contract — to terminate the so-called "joint venture" which had been operating under the...

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