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CRAWFORD DRUG STORES v. UNITED STATES

No. 4975.

220 F.2d 292 (1955)

CRAWFORD DRUG STORES, Inc., Appellant, v. UNITED STATES of America, Appellee.

United States Court of Appeals, Tenth Circuit.

March 15, 1955.

Attorney(s) appearing for the Case

Henry L. Fist, Tulsa, Okl. (C. H. Rosenstein, Tulsa, Okl., was with him on the brief), for appellant.

Dudley J. Godfrey, Jr., Washington, D. C. (H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, Robert N. Anderson, Edmund C. Grainger, Jr., Sp. Assts. to the Atty. Gen., and B. Hayden Crawford, U. S. Atty., Tulsa, Okl., were with him on the brief), for appellee.

Before PHILLIPS, Chief Judge, BRATTON, Circuit Judge, and VAUGHT, District Judge.

BRATTON, Circuit Judge.

The question presented for determination is whether certain sums paid by Crawford Drug Stores, Inc., constituted payment of dividends within the purview of section 115(a) of the Internal Revenue Code, 26 U.S.C.A. § 115(a), or payment of interest within the meaning of section 23(b) of such Code, 26 U.S.C.A. § 23(b). If the former, they were not deductible in computing net income. If the latter, they were deductible.

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