Commissioner v. Hughes Tool Co.

HOLMES, Circuit Judge.

When this case was here before, it was held that the taxpayer was entitled to the credits claimed under Section 26(c), 26 U.S. C.A. Int.Rev.Code, § 26(c). The dissenting judge was of opinion that Section 26(c) provided an exemption “such as must be strictly construed against the taxpayer claiming the benefits thereof.” He thought that a surviving corporation should not also receive “special tax benefits conferred upon the extinguished corporation by Section 26(c) (1).” Hughes Tool Co. v. Commissioner, 5 Cir., 147 F.2d 967. Certiorari was not applied for, and the judgment…