Case Name: UNITEX INDUSTRIES, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Court: United States Court of Appeals for the Fifth Circuit
Jurisdiction: United States
Decision Date: 1959-05-21
Citations: 267 F.2d 40
Docket Number: No. 17520
Parties: UNITEX INDUSTRIES, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.
Judges: 
Reporter: Federal Reporter 2d Series
Volume: 267
Pages: 40–41

Head Matter:
UNITEX INDUSTRIES, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.
No. 17520.
United States Court of Appeals Fifth Circuit
May 21, 1959.
Wentworth T. Durant, Robert J. Hobby, Dallas, Tex., for petitioner.
George W. Beatty, Harry Baum, Lee A. Jackson, Attys., Dept, of Justice, Charles Owen Johnson, Sp. Atty., I.R.S., Arch M. Cantrall, Chief Counsel, I.R.S., Washington, D. C., Charles K. Rice, Asst. Atty. Gen., for respondent.
Before RIVES, CAMERON and JONES, Circuit Judges.

Opinion:
PER CURIAM.
The Tax Court decided that certain payments made by the petitioner, Unitex Industries, Inc., were to be treated, for Federal income tax purposes, as dividends on its preferred stock rather than as deductible interest expense. Unitex Industries, Inc. v. Commissioner, 30 T.C. 468. We find ourselves in agreement with the determination of the Tax Court. See United States v. South Georgia Railway Co., 5 Cir., 1939, 107 F.2d 3; Staked Plains Trust, Ltd. v. Commissioner, 5 Cir., 1944, 143 F.2d 421; Hercules Gasoline Co. v. Commissioner, 5 Cir., 1945, 147 F.2d 972, affirmed 326 U.S. 425, 66 S.Ct. 222, 90 L.Ed. 177, rehearing denied 326 U.S. 812, 66 S.Ct. 471, 90 L.Ed. 496. The decision of the Tax Court is
Affirmed.