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SMOOT SAND & GRAVEL CORPORATION v. C. I. R.

No. 7886.

274 F.2d 495 (1960)

THE SMOOT SAND & GRAVEL CORPORATION, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided January 11, 1960.

Attorney(s) appearing for the Case

David R. Shelton, Washington, D. C., for petition.

David O. Walter, Atty., Dept. of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen.; Lee A. Jackson and A. F. Prescott, Attys., Dept. of Justice, Washington, D. C., on brief), for respondent.

Before SOBELOFF, Chief Judge, and SOPER and BOREMAN, Circuit Judges.

SOBELOFF, Chief Judge.

This case, here for the second time, concerns the taxpayer's liability for the years 1945-1950 for surtaxes under § 102 of the Internal Revenue Code of 1939, 26 U.S.C.A. § 1021 by reason of the alleged accumulation of profits "for the purpose of preventing the imposition of the surtax" upon its sole shareholder, Columbia Sand & Gravel Company, Inc., and upon L. E. Smoot, owner of all the common stock...

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