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FOWLER HOSIERY COMPANY v. C. I. R.

No. 13506.

301 F.2d 394 (1962)

FOWLER HOSIERY COMPANY, Inc., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Seventh Circuit.

April 13, 1962.

Attorney(s) appearing for the Case

Leo J. Schwartz and Arthur S. Freeman, Chicago, Ill., for petitioner.

Louis F. Oberdorfer, Asst. Atty. Gen., Harold C. Wilkenfeld, Attorney, Tax Division, U. S. Department of Justice, Washington, D. C., Abbott M. Sellers, Acting Asst. Atty. Gen., Lee A. Jackson, Meyer Rothwacks, Attorneys, Department of Justice, Washington, D. C., for respondent.

Before CASTLE, KILEY and SWYGERT, Circuit Judges.

SWYGERT, Circuit Judge.

Petitioner, Fowler Hosiery Company, Inc., appeals from a decision of the Tax Court, 36 T.C. 201, No. 20, affirming a deficiency in the amount of $205,850.70 in Fowler's income tax for the year of 1955. The Tax Court sustained the Commissioner of Internal Revenue's determination that a $1,500,000 cash distribution (which Fowler received from its wholly owned Canadian subsidiary, Fowler Hosiery Company of Canada...

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