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COLT'S MANUFACTURING COMPANY v. C. I. R.

No. 361, Docket 27250.

306 F.2d 929 (1962)

COLT'S MANUFACTURING COMPANY, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals Second Circuit.

Decided August 20, 1962.

Attorney(s) appearing for the Case

Herbert R. Berk, New York City (Richard A. Osserman, Warren F. Schwartz, Weisman Allan Spett & Sheinberg, New York City, on the brief), for petitioner-appellant.

Benjamin M. Parker, Attorney, Department of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson and Harry Marselli, Attorneys, Department of Justice, Washington, D. C., on the brief), for respondent-appellee.

Before CLARK, WATERMAN and MOORE, Circuit Judges.

LEONARD P. MOORE, Circuit Judge.

Colt's Manufacturing Company (Colt's) appeals from a judgment of the Tax Court (35 T.C. 78), three judges dissenting, determining a statutory deficiency in excess profits tax for 1952 in the amount of $42,523.93.

The dispute between the taxpayer and the Commissioner is whether certain treasury stock acquired by Colt's from its stockholder should be considered as "invested capital" and within...

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