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GEN. INVESTORS CO. v. COMMISSIONER

No. 114.

348 U.S. 434 (1955)

75 S.Ct. 478

99 L.Ed. 504

GENERAL AMERICAN INVESTORS CO., INC. v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided March 28, 1955.

Attorney(s) appearing for the Case

Norris Darrell argued the cause for petitioner. With him on the brief was John F. Dooling, Jr.

Solicitor General Sobeloff argued the cause for respondent. With him on the brief were Assistant Attorney General Holland, Charles F. Barber, Ellis N. Slack and Melva M. Graney.

MR. CHIEF JUSTICE WARREN delivered the opinion of the Court.

The sole question presented by this case is whether a payment is taxable as gross income when received by a corporation pursuant to the "insider profits" provisions of the Securities Exchange Act of 19341 and the Investment Company Act of 1940.2 Subject to exceptions not presently relevant, § 16 (b) of the Securities Exchange Act provides that...

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