Glendinning, McLeish & Co. v. Commissioner of Internal Rev.

(after stating the facts as above).

The contention of the petitioner that tho agreement for reimbui’sement applied only to subdivision (b) of paragraph (6) flies in tho face of the fact that there was not only no limitation in terms to subdivision (b), but an apparent impossibility of performance if it covered only that. For, if the Belfast company upon dissolution should be without assets sufficient to pay to its j) referred stockholders the par value of the preferred, stock then outstanding, it would, of course, be without funds with which to reimburse the petitioner for any payments it made…