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HERCULITE PROTECTIVE FABRICS CORP. v. C. I. R.

No. 16600.

387 F.2d 475 (1968)

HERCULITE PROTECTIVE FABRICS CORP., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Third Circuit.

Decided January 9, 1968.

Attorney(s) appearing for the Case

Robert Arum, Phillips, Nizer, Benjamin, Krim & Ballon, New York City, for petitioner.

Albert J. Beveridge, III, Dept. of Justice, Tax Division, Washington, D. C. (Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson, Gilbert E. Andrews, Attorneys, Department of Justice, Washington, D. C., on the brief), for respondent.

Before KALODNER, HASTIE and SEITZ, Circuit Judges.

OPINION OF THE COURT

PER CURIAM:

The petitioner is a business corporation, the stock of which was bought by Seymour Hyman on May 11, 1960, at a bargain price after it had suffered substantial losses for several years. Operation of the business was continued substantially as before until January 31, 1961, when another corporate enterprise, also owned by Hyman, was merged with the petitioner.

The petitioner...

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