GLENN v. CHESS & WYMOND

No. 9216.

132 F.2d 621 (1942)

GLENN, Collector of Internal Revenue, v. CHESS & WYMOND, Inc.

Circuit Court of Appeals, Sixth Circuit.

December 15, 1942.


Attorney(s) appearing for the Case

Joseph M. Jones, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., Sewall Key and Joseph M. Jones, Sp. Assts. to Atty. Gen., and Eli H. Brown, III, of Louisville, Ky., on the brief), for appellant.

Charles G. Middleton, of Louisville, Ky. (Chas. G. Middleton, Chas. G. Middleton, Jr., B. Hudson Milner, and Bullitt & Middleton, all of Louisville, Ky., on the brief), for appellee.

Before SIMONS, MARTIN, and McALLISTER, Circuit Judges.


PER CURIAM.

On appeal from the order of the district court granting credit on undistributed profits, to appellee corporate taxpayer, predicated upon a contract restricting payment of dividends in accordance with § 26 (c) (1) of the Revenue Act of 1936, 26 U. S.C.A. Int.Rev.Acts, page 836, it appears that the First National Bank, Louisville, Kentucky, offered in writing to extend bank credit to appellee under certain conditions; that, in its offer, the bank stated...

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