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NORTHUP v. UNITED STATES

Nos. 64, 65, 66, Dockets 24147, 24148, 24149.

240 F.2d 304 (1957)

Daniel W. NORTHUP, Appellant, v. UNITED STATES of America and Helen B. Graham, Administratrix of the estate of James J. Graham, District Director of Internal Revenue for the District of Connecticut, deceased, Appellees. P. W. HINE, Appellant, v. UNITED STATES of America, Appellee. Myrtis C. USHER, Appellant, v. Helen B. GRAHAM, Administratrix of the estate of James J. Graham, District Director of Internal Revenue for the District of Connecticut, deceased, Appellee.

United States Court of Appeals Second Circuit.

Decided January 8, 1957.

Attorney(s) appearing for the Case

George E. Cleary, New York City, for appellants.

Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Grant W. Wiprud, Attys., Dept. of Justice, Washington, D. C., Simon S. Cohen, U. S. Atty. for Dist. of Connecticut, Hartford, Conn., for appellees.

Before HAND, MEDINA and LUMBARD, Circuit Judges.

MEDINA, Circuit Judge.

The taxpayers Northup, Hine and Usher, former holders of preferred stock of I. Newman & Sons, Inc., appeal from judgments rejecting their claims for tax refunds in three consolidated cases. After a trial to the court without a jury, the court concluded that the retirement of the preferred stock in the taxable years in question was "essentially equivalent" to a dividend within the meaning of Internal Revenue Code of 1939, § 115 (g),...

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