ASPHALT INDUSTRIES, INC. v. C. I. R.

No. 16265.

384 F.2d 229 (1967)

ASPHALT INDUSTRIES, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Third Circuit.

Decided August 23, 1967.

Rehearing Denied September 26, 1967.


Attorney(s) appearing for the Case

Daniel Mungall, Jr., Stradley, Ronon, Stevens & Young, Philadelphia, Pa. (Robert M. Taylor, Philadelphia, Pa., on the brief), for petitioner.

Loring W. Post, Department of Justice, Tax Division, Washington, D. C. (Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson, Meyer, Rothwacks, Attys., Department of Justice, Washington, D. C., on the brief), for respondent.

Samuel Taylor, Bernard J. Schoenberg, Taylor & Winokur, San Francisco, Cal., amici curiae on the brief.

Before SMITH and FREEDMAN, Circuit Judges, and WORTENDYKE, District Judge.


OPINION OF THE COURT

FREEDMAN, Circuit Judge.

Petitioner attacks a decision of the Tax Court upholding income tax deficiencies totalling $96,172.84 and fraud penalties totalling $52,674.18 for the years 1955 to 1960. 46 T.C. 622 (1966).

Petitioner is a Pennsylvania corporation and during the tax years involved its stock was owned one-half by Conrad V. Anderson, Jr., and the other half by Richard Schwoebel. Anderson...

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