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PHILADELPHIA ELECTRIC CO. v. UNITED STATES

No. 50253.

117 F.Supp. 424 (1954)

PHILADELPHIA ELECTRIC CO. v. UNITED STATES.

United States Court of Claims.

January 5, 1954.

Attorney(s) appearing for the Case

Leonard A. Spalding, Philadelphia, Pa., Alfred J. McDowell, Philadelphia, Pa., J. Louis Monarch, and Morgan, Lewis & Bockius, Washington, D. C., on the briefs, for plaintiff.

H. S. Fessenden, Washington, D. C., H. Brian Holland, Asst. Atty. Gen., Andrew D. Sharpe and Ellis N. Slack, Washington, D. C., on the brief, for defendant.

Before JONES, Chief Judge, and LITTLETON, WHITAKER and MADDEN, Judges.

WHITAKER, Judge.

Plaintiff is a public utility company. In the computation of its surtax net income it seeks to deduct dividends paid by it on some of its stock, which it alleges is preferred stock as defined in section 26 of the Internal Revenue Code, 26 U.S.C.A. § 26. The Commissioner of Internal Revenue disallowed the deduction and plaintiff, having paid the tax computed without it, sues to recover it.

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