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ADAMS BROTHERS CO. v. COMMISSIONER OF INTERNAL REV.

No. 15207.

222 F.2d 501 (1955)

ADAMS BROTHERS COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Eighth Circuit.

May 12, 1955.

Attorney(s) appearing for the Case

James W. R. Brown, Omaha, Neb. (James J. Fitzgerald, Jr., Omaha, Neb., on the brief), for petitioner.

C. Guy Tadlock, Special Asst. to Atty. Gen. (H. Brian Holland, Asst. Atty. Gen., and Ellis N. Slack, A. F. Prescott and Meyer Rothwacks, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before SANBORN, COLLET and VAN OOSTERHOUT, Circuit Judges.

COLLET, Circuit Judge.

The question for determination is whether money advanced as operating capital by a parent corporation to its wholly owned but independently operated subsidiary corporation was "borrowed invested capital" as defined by Sec. 719 (a) (1) of the Internal Revenue Code of 1939, 26 U.S.C. 1952 ed., § 719. If it was, the subsidiary's excess profits taxes for the years involved, 1942 to 1945 inclusive,...

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