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

No. 6621.

358 F.2d 867 (1966)

APOLLO INDUSTRIES, INC., Etc., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals First Circuit.

March 8, 1966.

Attorney(s) appearing for the Case

Stephen N. Subrin, Boston, Mass., with whom Lawrence M. Levinson and Jack H. Calechman, Boston, Mass., were on brief, for petitioner.

Fred E. Youngman, Atty., Dept. of Justice, with whom Richard M. Roberts, Acting Asst. Atty. Gen., and Lee A. Jackson and David O. Walter, Attys., Dept. of Justice, were on the brief, for respondent.

Before ALDRICH, Chief Judge, and McENTEE and COFFIN, Circuit Judges.

COFFIN, Circuit Judge.

The petition for review in this case challenges the Tax Court's decision determining deficiencies in the federal income taxes due from petitioner for 1956 and 1957 in the amounts of $50,486.82 and $42,124.18, respectively. The deficiencies are based on the Tax Court's conclusion that, during these years, the petitioner's predecessor was subject to an accumulated earnings tax (under 26 U.S.C. § 531) because it had been "availed of" for the...

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