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GENERAL UTILITIES CO. v. HELVERING

No. 41.

296 U.S. 200 (1935)

56 S.Ct. 185

80 L.Ed. 154

GENERAL UTILITIES & OPERATING CO. v. HELVERING, COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided December 9, 1935.

Attorney(s) appearing for the Case

Mr. Hugh C. Bickford, with whom Mr. R. Kemp Slaughter was on the brief, for petitioner.

Mr. J. Louis Monarch, with whom Solicitor General Reed, Assistant Attorney General Wideman, and Messrs. Sewall Key and Lucius A. Buck were on the brief, for respondent.

By leave of Court, Messrs. Laurence Arnold Tanzer and John W. Townsend and Messrs. Russell D. Morrill, Walter S. Orr, and Francis L. Casey filed briefs as amici curiae, supporting the contentions of petitioner.

MR. JUSTICE McREYNOLDS delivered the opinion of the Court.

January 1st, 1927, petitioner — General Utilities, a Delaware corporation — acquired 20,000 shares (one-half of total outstanding) common stock Islands Edison Company, for which it paid $2,000. Gillet & Company owned the remainder.

During January, 1928, Whetstone, President of Southern Cities Utilities Company, contemplated acquisition by his company of all Islands Edison common stock...

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