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ST. LOUIS COMPANY v. UNITED STATES

No. 11769.

237 F.2d 151 (1956)

The ST. LOUIS COMPANY, a Delaware Corporation (In Dissolution) v. The UNITED STATES of America, Appellant.

United States Court of Appeals Third Circuit.

Decided September 24, 1956.

Attorney(s) appearing for the Case

Helen A. Buckley, Washington, D. C., (Charles K. Rice, Acting Asst. Atty. Gen., Lee A. Jackson, I. Henry Kutz, Attys., Dept. of Justice, Washington, D. C., Leonard G. Hagner, U. S. Atty., Wilmington, Del., on the brief), for appellant.

George Gump, Baltimore, Md. (Frank, Bernstein, Gutberlet & Conaway, Baltimore, Md., H. James Conaway, Jr., Hering, Morris, James & Hitchens, Wilmington, Del., on the brief), for appellee.

Before GOODRICH, KALODNER and HASTIE, Circuit Judges.

KALODNER, Circuit Judge.

Where a personal holding company's deficit in "earnings or profits accumulated after February 28, 1913" exceeds its net income for the taxable year is a distribution out of such income, during the taxable year, in complete liquidation of the company, a "dividend" within the meaning of the dividends paid credit provisions of the Internal Revenue Code of 1939, as amended to 1948?

That is the single issue presented by this appeal from...

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