GLOUCESTER ICE & COLD STORAGE CO. v. C. I. R.

No. 5816.

298 F.2d 183 (1962)

GLOUCESTER ICE & COLD STORAGE CO., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals First Circuit.

January 24, 1962.


Attorney(s) appearing for the Case

Franklin N. Flaschner, Boston, Mass., with whom Harry Bergson, Jr., and John Connorton, Boston, Mass., were on brief, for petitioner.

George F. Lynch, Atty., Dept. of Justice, Washington, D. C., with whom Louis F. Oberdorfer, Asst. Atty. Gen., and Lee A. Jackson and Harry Baum, Attys., Dept. of Justice, Washington, D. C., were on brief, for respondent.

Before WOODBURY, Chief Judge, and HARTIGAN and ALDRICH, Circuit Judges.


WOODBURY, Chief Judge.

This petition to review a decision of the Tax Court of the United States presents the question whether payments of $7,000 each year for the years 1952 to 1955, inclusive, made by the petitioner to the holders of its twenty year seven percent debenture bonds were deductible payments of interest or non-deductible distributions of dividends.

The petitioner was organized as a corporation under the laws of Massachusetts in November 1938 to...

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