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UNITED STATES v. KNAPP BROTHERS SHOE MANUFACTURING CORP.

No. 6955.

384 F.2d 692 (1967)

UNITED STATES of America, Defendant, Appellant, v. KNAPP BROTHERS SHOE MANUFACTURING CORPORATION, Plaintiff, Appellee.

United States Court of Appeals First Circuit.

November 2, 1967.

Attorney(s) appearing for the Case

Albert J. Beveridge, III, Atty., Dept. of Justice, with whom Mitchell Rogovin, Asst. Atty. Gen., Meyer Rothwacks and Harry Baum, Attys., Dept. of Justice, Washington, D. C., Paul F. Markham, U. S. Atty., and Joseph A. Lena, Asst. U. S. Atty., Boston, Mass., were on brief, for appellant.

Robert W. Meserve, Boston, Mass., with whom John K. P. Stone, III, and Nutter, McClennen & Fish, Boston, Mass., were on brief, for appellee.

Before ALDRICH, Chief Judge, McENTEE and COFFIN, Circuit Judges.

ALDRICH, Chief Judge.

In 1948 three individuals interested in New York University, a recognized charitable organization within the federal income tax statute, now Int.Rev. Code of 1954, § 170(c) (2), formed taxpayer, Knapp Brothers Shoe Manufacturing Corporation. The certificate of incorporation was peculiar in that it provided, "No stockholder shall at any time be entitled to dividends on his shares; * * * [or] to any of the profits or assets * * *." The sole...

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