Loose-Wiles Biscuit Co. v. Rasquin

CHASE, Circuit Judge.

None of the essential facts are in dispute. The appellant is a corporation which was engaged in the manufacture of bakery products in the Eastern District of New York in 1934. When the Revenue Act of that year became effective on May 10, 1934, the appellant had in stock 260,431 pounds of coconut oil produced in or from materials grown in the Philippine Islands. It had been before that date purchased by the appellant in the United States from, sellers who previously and after the oil had been imported in its crude form had put it through a refining process which had left…