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GOKEY PROPERTIES, INC. v. COMMISSIONER OF INTERNAL REVENUE

No. 327, Docket 26733.

290 F.2d 870 (1961)

GOKEY PROPERTIES, INC., Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided June 1, 1961.

Attorney(s) appearing for the Case

J. Russell Rogerson, Jamestown, N. Y., for petitioner-appellant.

William A. Friedlander, Atty., Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, and Harry Baum, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before FRIENDLY and SMITH, Circuit Judges, and WATKINS, District Judge.

PER CURIAM.

The Tax Court held that payments by the taxpayer corporation to its stockholders on the corporation's bonds were nondeductible dividend distributions rather than deductible interest on an indebtedness. We agree with the result reached by the Tax Court and the reasons given in Judge Bruce's opinion. Gregg Co. of Delaware v. Commissioner, 2 Cir., 1956, 239 F.2d 498. We note a minor error in the Tax Court opinion,

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