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LATCHIS THEATRES OF KEENE, INC. v. C. I. R.

No. 5706.

286 F.2d 237 (1961)

LATCHIS THEATRES OF KEENE, INC., et al., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals First Circuit.

January 5, 1961.

Attorney(s) appearing for the Case

Charles H. Morin, Boston, Mass., for petitioners.

Joseph Kovner, Attorney, Department of Justice, Washington, D. C., with whom Charles K. Rice, Asst. Atty. Gen., and Lee A. Jackson, Robert N. Anderson and David O. Walter, Attorneys, Department of Justice, Washington, D. C., were on brief, for respondent.

Before HARTIGAN and ALDRICH, Circuit Judges.

PER CURIAM.

Taxpayers in this petition for review of two decisions of the Tax Court contend that as a matter of law the amounts accumulated by the taxpayers cannot be said to be accumulations beyond the reasonable needs of their businesses within the meaning of Int. Rev. Code of 1939, § 102.1 Taxpayers argue that (1) because the total accumulations of earnings and profits were in each taxable year less than 70% of the annual operating...

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