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HELVERING v. CREDIT ALLIANCE CO.

No. 708.

316 U.S. 107 (1942)

62 S.Ct. 989

86 L.Ed. 1307

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. CREDIT ALLIANCE CORP.

Supreme Court of United States.

Decided April 27, 1942.

Attorney(s) appearing for the Case

Mr. J. Louis Monarch, with whom Solicitor General Fahy, Assistant Attorney General Clark, and Messrs. Arthur A. Armstrong and Archibald Cox, and Miss Helen R. Carloss were on the brief, for petitioner.

Mr. Newell W. Ellison, with whom Messrs. Duane R. Dills, Jack J. Levinson, Christopher S. Sargent, and Marion P. Wormhoudt were on the brief, for respondent.

MR. JUSTICE ROBERTS delivered the opinion of the Court.

The Commercial Credit Company, a Delaware corporation, acquired and owned over 99% of the capital stock of the respondent, a New York corporation actively engaged in business. In 1936 the respondent's stockholders and directors resolved to liquidate the corporation and to make distribution to its stockholders in liquidation. Part of the distribution so made in 1936 was of cash and property constituting surplus...

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