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VIRGINIA STEVEDORING CORPORATION v. COMMISSIONER OF INTERNAL REVENUE

No. 265, Docket 25438.

267 F.2d 36 (1959)

VIRGINIA STEVEDORING CORPORATION, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals Second Circuit.

Decided June 1, 1959.

Attorney(s) appearing for the Case

Melvin A. Albert, New York City (Allan D. Emil, New York City, on the brief), for petitioner-appellant.

Melvin L. Lebow, Atty., Dept. of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., and Lee A. Jackson and A. F. Prescott, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent-appellee.

Before CLARK, Chief Judge, and SWAN and MOORE, Circuit Judges.

PER CURIAM.

Holding that petitioner did not acquire prior to December 1, 1950, "substantially all the properties (other than cash)" of three corporations, and hence is not a "purchasing corporation" as defined in I.R.C.1939, § 474(a) (1) (A), 26 U.S.C. Excess Profits Taxes, § 474(a) (1) (A), the Tax Court rejected petitioner's attempt to utilize the earnings experience of these corporations in computing its excess profits tax credit. 30 T...

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