Commissioner v. Hughes Tool Co.

I concur in the result but cannot concur in the opinion in one of its aspects.

On the former appearance of this case (5 Cir., 147 F.2d 967) a majority of the Court agreed that the successor, or transferee, corporation was entitled to the dividends paid credit to the same extent as if it had been a party to the making of the contract restricting the payment of dividends, but on the present appeal that issue was not again raised. The Appellant, as well as the Tax Court, has accepted the prior decision as the law of the case as to all things then decided.

The present majority now frankly states…