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PELTON STEEL CASTING CO. v. COMMISSIONER OF INT. REV.

No. 12107.

251 F.2d 278 (1958)

PELTON STEEL CASTING CO., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Seventh Circuit.

January 7, 1958.

Attorney(s) appearing for the Case

Malcolm K. Whyte, Richard L. Greene, John L. Palmer, Robert V. Abendroth, Milwaukee, Wis. Whyte, Hirschboeck, Minahan, Harding & Harland, Milwaukee, Wis., of counsel, for petitioner.

Charles K. Rice, Asst. Atty. Gen., Elmer J. Kelsey, Lee A. Jackson, Robert N. Anderson, Attorneys, Department of Justice, Washington, D. C., for respondent.

Before FINNEGAN, SCHNACKENBERG and PARKINSON, Circuit Judges.

FINNEGAN, Circuit Judge.

Section 102(a) of the Internal Revenue Code of 1939, as amended, 55 Stat. 687, 26 U.S.C. § 102 (1952 ed.) imposed a surtax on corporations improperly accumulating surplus. The respondent Commissioner decided that Pelton Steel Casting Co., petitioner, was availed of in 1946 for the purpose of preventing the imposition of such surtax upon its shareholders by accumulating the corporate earnings and profits instead of dividing or distributing...

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