Document: 45 L.Ed.2d 435 95 S.Ct. 2501 422 U.S. 617 IVAN ALLEN COMPANY, Petitioner,v.UNITED STATES. No. 74—22. Argued April 14 and 15, 1975. Decided June 26, Syllabus In determining the applicability of § 533(a) Internal Revenue Code 1954—which provides a rebuttable presumption that corporation has accumulated earnings 'beyond reasonable needs business' did so with 'the purpose to avoid income tax respect shareholders'—listed readily marketable securities owned by purchased out its profits, are be taken into account, not at their cost corporation, but net liquidation value. Pp. 624-635. 493 F.2d 426, affirmed. Kirk McAlpin, Atlanta, Ga., for petitioner. Scott P. Crampton, Washington, D.C., respondent. Mr. Justice BLACKMUN delivered opinion Court. 1 Sections 531—537, inclusive, 1954, as amended, 26 U.S.C. §§ constitute Part I subchapter G Income Tax Subtitle. These sections subject most corporations an 'accumulated tax.' Section 5311 imposes upon taxable income' every that, 532(a) states,2 is 'formed or availed avoiding shareholders . permitting profits accumulate instead being divided distributed.' And 533(a)3 fact permitted beyond business shall determinative shareholders, unless preponderance evidence prove contrary.'4 2 The issue here whether, in application 533(a), listed account value, is, fair market value less expenses of, taxes resulting from, conversion cash. 3 * pertinent facts admitted pleadings stipulated: 4 petitioner, Ivan Allen Company (the taxpayer), Georgia incorporated 1902 actively engaged selling office furniture, equipment, supplies metropolitan Atlanta area. It files federal returns on accrual basis fiscal year ended 30. 5 For years 1965 1966, taxpayer paid due course shown filed. Taxable reported was $341,045.82 $629,512.19 1966. App. 59, 84. During dividends consisting cash amount $48,945.30 870 shares Xerox Corporation common had been carried books $6,564.34. 1966 $50,267.49; it also declared 10% stock dividend. Id., 56. were substantially than those years. 6 Throughout various unlisted securities. Prominent among these convertible debentures prior years, profits. Specifically, 30, 1965, 11,140 common, of.$116,701 then $1,573,525, $30,600 debentures, $30,625 $48,424. On 10,090 $102,479 $2,479,617, same $69,768. 55. 7 According filed, taxpayer's undistributed $2,200,184.77 $2,360,146.52, respectively. 70, 91. points portfolio assets represented investment, measured cost, 7% 5% total assets. Brief Petitioner 4. 8 apparent, however, proved extraordinarily profitable although, course, because continued retained, gains thereon unrealized purposes. increased more 50% over end 100% one later; 13 times 24 9 two major Allen, Sr., Jr., respectively 31.20% 45.46% outstanding voting stock. 78, 104. 10 Following examination Commissioner determined each reasonably anticipated business, purposes accumulation shareholders. Based this determination, assessed against $77,383.98 $73,131.87 11 thereafter timely filed claims refund. allowed, instituted refund suit United States District Court Northern Georgia. 12 agreed operating capital amounting $1,198,309 $1,455,222 close stipulated, particular, if liquid (current current liabilities), fully available use exactly equal capital, above-stated figures $1,455,222. would follow, accordingly, needs, within meaning 57, no incurred. still further (less converting them cash), ends years,5 $2,235,029 $3,152,009, From follow needs. Then, accumulations shareholders,' under 532(a), issue, therefore, clear precise: applying should contends, Government petitioner-taxpayer. 349 F.Supp. 1075 held cost. Accordingly, entered judgment (1972). court observed: 15 'Corporate taxpayers penalized wise investments; they allowed maximize advantages accordance internal policies conditions rather forced sell which may have high arbitrarily selected date merely trigger 1077. (Footnote omitted.) 16 Appeals Fifth Circuit reversed. 426 (1974). 17 '(T)he involved case bar such highly character might arise. Thus appreciated when whether excess 18 'This decision does force liquidate any time sale financially unwise, only compels comply proscriptions refrain from accumulating excessive profits.' 428. 19 remanded, parties agreed, 57—58, 'for additional factual determination (under 532(a)) behalf shareholders.' F.2d, 20 Because conclusion claimed conflict principle American Trading & Production Corp. v. States, 362 801 (Md.1972), aff'd without published opinion, 474 1341 (CA4 1973),6 importance administration tax, we granted certiorari. 419 1067, 653, 42 663 II 21 Under our system taxation, corporate levels. First, there imposed corporation. Second, way dividend, distributes distribution disparity between rates higher gradations individuals,7 utilized reduce significantly shareholders' overall liability business. Without some method unneeded earnings, controlling shareholder able postpone full impact his share corporation's See B. Bittker J. Eustice, Federal Taxation Corporations Shareholders 8.01 (3d ed 1971); Wolfman, Business Enterprise 864 (1971). 22 order foreclose possibility using means Act since adoption Sixteenth Amendment 1913 unnecessary effected insulating shareholders.8 23 acknowledged obvious provisions successive Acts: 'As theory revenue acts receipt distributed stockholders, legislation compel company distribute needed conduct distributed, individual stockholders will become liable normal surtax received.' Helvering Chicago Stock Yards Co., 318 693, 699, 63 843, 846, 87 L.Ed. 1086 (1943). 25 This reaffirmed Donruss 393 297, 303, 89 501, 504, 495 (1969). noted focus impositions income,' 531. defined 535(a) mean 'taxable adjusted. adjustments consist items described 535(b), including deduction paid, 561, credit 535(c). prescribed (b) designed generally assure reflects accurately actually explains deductions taxes; neither enters computation income. Obviously, deplete resources must recognized economic condition properly perceived. Conversely, 535(b)(3) disallows, example, deduction, 243, received; received freely 27 purport structure established determine true before determined. although penalty therefore strictly construed, Acker, 361 87, 91, 80 144, 147, 127 (1959), directed reality. 28 important emphasize concerned 531, attaches 'earnings distributed,' 532(a). What essential 'income' once eliminates, measure itself, appreciation enter 29 appreciation, nonetheless, profound making entirely discrete what, concededly, If securities, here, assets, well unnecessarily accumulated, far concerned. other hand, viewed different light. Upon analysis, place important, liquidity otherwise significant. event—and repeat—the itself portfolio. latter becomes measuring reasonableness independently exist. look at, then, unreasonableness, light failure part has. 30 Accumulation language 'determinative purpose' proves contrary evidence. burden proof, thus, taxpayer. A statutorily imposed. To sure, deal sense, state mind. But said statute, support presumption, 'be practically unenforceable ..' Commissioner, 62 754, 755 (CA2), cert. denied, 290 635, 54 53, 78 552 (1933). required, comparison business.' critical. need, plainly, mathematical terminology, function liquidity, idle disposal. question, how much all sorts, quick keep hand Block Co. Helvering, 123 704, 705 (CA2 1941), 315 812, 797, 86 1211 (1942); Smoot Sand Gravel 274 495, 501 (CA4), 976, 1061, 1011 (1960) (liquid provide 'a strong indication' accumulation); Electric Regulator 336 339, 344 1964); Novelart Mfg. 52 T.C. 794, 806 (1969), aff'd, 434 (CA6 1970), 403 918, 91 2229, 695 (1971); John Scripps Newspapers 44 453, 467 (1965).9 31 recognizes, accepts, concept basic factor, 'has realized invested assets—their 533(a).' 15. concedes so, could avoided form investment Reply 5. stop point and, compelled compare profits—not net—with 32 We disagree conclude stopping point; given case, depend securities; proper realizable Cost side balance sheet appear largely irrelevant gauge financial condition.10 Certainly, lender evaluate potential borrower's Realistic lender's inquiry. Commissioner's inquiry tax.11 33 marketable, clearly net, according stipulation, question III 34 Bearing directly us National Grocery 304 282, 58 932, 82 1346 (1938). There situation reverse present inasmuch losses continuing hold. After upheld constitutional attack, id., 286—290, S.Ct., 934—936, 'Depreciation considered Board (of Appeals) 291, 937. went hold, depreciation 'does not, matter law, preclude finding year's Ibid. Indeed, supported Board's surplus enable sole escape surtaxes. focused bonds stocks related concluded 'there need financing 291 292, That forecloses case. 35 precedent applied cases, courts taking liquid, Battelstein Investment 442 (CA5 Cheyenne Newspapers, Inc. 494 429, 434—435 (CA10 1974); Henry Van Hummell, T.C.M. 1765, 1779 (1964), 364 746 1966), 386 956, 1019, 102 (1967); Golconda Mining 139, supplemental 736, 737—739 (1972), rev'd grounds, 507 594 (CA9 Ready Paving Constr. 61 826, 840—841 see Harry A. Koch Vinal, 228 782, 784 (Neb. 1964). 36 (Md. 1972), 1973), continues assert deserves mention. something $10 million. Its about $12 stocks, primarily oil shares, having $5,593,319 aggregate $100 excluded several grounds: constituted 'original capital,' term used sense 'were retained integral base borrowings parts taxpayer's) business,' F.Supp., 810; statute intended require kind meet even though explosively value,' 808; substantial evidence' saleable,' 809. 37 Whatever merit demerit grounds asserted Trading—and express view thereon—we satisfied court's absence ready salability, circumstances, sufficient distinction one, meager, any, substance here. IV 38 arguments advanced do persuade us: 39 1. taxpayer, quite correctly insists profits,' 533(a). As above, agree. contend otherwise. never tax. 40 pointed out, income, adjusted factors described. entered, justifiably dividends. focuses, retention distribution. unreasonable attach. Utilizable availability realistically included 41 2. nothing 'realization Eisner Macomber, 252 189, 64 521 (1920), significance presently consideration. dividend issued includable shareholder's gross prompted shift, above 1921, incidence emphasizes realization shareholder. note again, rests upon, income.' 3. argues effect convert suggests management entitled finance resorting appreciation. argument, goes too far. own easily imagined where necessary, 43 interfere management's exercise sound judgment, dictation liquidated, aptly answered Appeals: consequence investments, sell, exchange thus Code's requirements justification precluding application.' add existence affect decision. So, too, very itself. respect, offensive other. Astute tax-conscious days helpless, shrinkage, liquidation, one-fourth hardly equates loss. Such necessitated expressly Congress. All required disgorging, most, 46 answer suggest standard accounting practice. hesitated apply congressional policy underlying See, e.g., Schlude 372 128, 83 601, 633 (1963); Automobile Assn. 367 687, 692—694, 81 1727, 1729—1730, 1109 (1961). interest consideration, reflected sheets. 112, 118. appears line accepted R. Kester, Advanced Accounting 117—118, 122—124 (4th ed. 1946). 47 48 ordered. 49 Affirmed. 50 POWELL, whom DOUGLAS STEWART join, dissenting. 51 Court's departs relevant statutory language, creates rule places perilous position, vests Service inappropriate degree discretion administering punitive statute. dissent. Petitioner, equipment. late 1950's, petitioner retail outlet equipment Corp., $147,000 Xerox. petitioner's appreciation1 approximated $1,475,000 $2,416,000 respectively.2 valued year-end price. He thereupon issue. 53 construction: them—their cost—or price,3 both appreciation? heretofore decided infrequently courts. address first my controlling. 531 '(i)n addition chapter corporation' identified 532. 532 makes applicable accumulate' 533 establishes tax' 55 central element scheme stipulated added actual (i.e., earned account).4 concepts law Government's position untenable face. Unrealized computing ordinary practice requires recorded cost,5 requirement enforced filings Securities Exchange Commission (SEC). Similarly, 'in kind,' credited payment 56 unanimity practice, what devised today tax? answer. conceded 'unrealized (Accumulated) profits." Ante, 627. Nevertheless, holds 'becomes important' (the) reasonableness' accumulation. 628. short, construes unreasonably. 57 whatever distinction. terms, knowledge principles, applies Earnings profits; contains reference imposing Nor history 'add on' increment nor By authorizing on,' effectively converts certain appreciate Although remains many cases controlled simply states, 'to earnings.' 624. accomplished dividends, normally surplus, Absent authorization charter, directors who pay risk personal injured creditors.6 59 plan resolves me. thought ambiguous point, concedes, 'penalty (must) construed (1959). means, minimum, doubts ambiguities resolved favor equitable construction free hazards uncertainty allow. seems me ignores canon construction. Rather construe narrowly, today's extends presumptive reach number perplexing uncertainties. 60 Businesses conducted, decisions made, information maintained elementary taxes, policy, reporting SEC, regulatory agencies. Corporate records audited basis. 'unreality' adhering principles ante, 629-630, best yet guiding management, informing liability. They inconsiderable virtues consistency, regularity, certainty—virtues fairness predictability abandons confirmed wisdom experience announces new far-reaching consequences. view, create open wide possibilities unfairness. Both know meant 'cost basis,' fact. comparable certainty dependability Court: 'Cost .. 629-630 (emphasis added). involving blush serious problem uncertainty. price adds book Apart questionable assumption quotations represent stock, formulation poses definitional questions management. 65 An initial results 'securities.' 1933 1934, comprehensive.7 Even always self-evident, can seen examining extensive litigation question. 1050 Tenants Jakobson, 503 1375 SEC Glenn W. Turner Enterprises, Inc., 476 (CA9), 414 821, 94 117, (1973); Lehigh Valley Trust Central Bank Jacksonville, 409 989 1969). 66 addition, uncertainties arise ascertaining asset sufficiently 'readily marketable' satisfy test. security 'listed' exchange. indeed great majority New York sold large absorb. cannot said, Exchange. Moreover, exchanges traded: Exchange, counter, scores local exchanges. While traded marketable,' perhaps fairly characterized. countless situations unable determine, short attemption security, not. B 67 engendered limited undifferentiated treatment fundamental arising rationale test 'true' 'realistic' Nothing varying degrees marketability. nevertheless read statutes based 'liquidity,' referring interchangeably securities,' 'current assets,' 'quick assets.' 622, holding 629n. 9, contained. 68 states categorically 'focus' inquiry, calls realistic condition. 629-630. postulation, types now include assets? Once abandoned, standard, confronting prudent profoundly disquieting. emphasis 'liquidity.' another relative term, depending nature time. 69 sweep forecast response counsel real estate. At stated estate calculation, Tr. Oral Arg., 36, he later qualified statement suggesting land 42.8 70 lawfully invest embrace range property interests. include, name few examples, unimproved growth pattern urban area, improved estate, 'gone public,' undivided interests mining ventures, objects art. conditions, as—and be—readily 'liquid.' bear however defined. facts, presents problems Government.9 C 71 think attach significant consequences volatile particular lead unfairness assume, dispels assumption, apparently treat valuation. No drawn suggested variety 72 short-term Treasury note, fractionally basis, analysts economists say quotation necessarily price.10 Over long reflect, vary with, strength issuing sheet, record, future prospects. price, producing swings correspond facts. supply demand market, immediate confidence general economy, international stability instability, notions fashionable buy time, intangibles. extent prices fluctuate, often regard 'real' illustrated tables Appendices opinion. 73 mind variations represents unreasonably? negative indicated, least me, following hypothetical example. highest $71 lowest $31. competing 10,000 identical $31 per share, A's day hit $71, while B's $31, $400,000, whereas none. 74 departing cost-basis compelling reliance isolated avowed goal 'economic reality.' average relatively period produce result cases. alleviate inherent formulation. failed consider, planning ephemeral 'value' hold accountable probably forcing elected retain.11 Management during year, amounts, made intelligently depreciate 8% single 61% year. Uncertainty magnitude find justifies detrimental interference 75 (1938), 'forecloses case.' 631. respectfully interpretation withstand scrutiny holding.12 76 Grocery, shareholder, organized 1908 authorized $5,000; prospered January 31, 1931 issue), $7,939,000. notwithstanding, Grocery's 'only ever up 1931, $25,000 1917, like 1918.' B.T.A. 163, 164 (1936). four preceding averaged $800,000 annually. $864,000 none Addressing attempt offset noted: 77 obviously U.S., When issues presented—as understand passing statement—it apparent govern definition 'gains profits': specifically, 'gains,' replaced 'earnings,' 'profits.' felt justified devoting little attention plain huge depreciation. Finally, 'accumulation earnings' computed computed, $7,393,000 79 consideration presented. agree refuse plainly odds conductive V penal correspondingly vest latitude administration. decision, virtually uncontrolled deciding rebut evade Until trying anticipate deem accumulation, rely establishing Now dependable benchmark 'irrelevant gauge' 'true condition,' speculate values nowhere books. commentators noted, p. 8—4 1971), impose inevitably involves hindsight verdict judgment.' identifiable standards extraordinary 'hindsight' authority, leaves open-ended. unlikely, least, Congress leave small medium-sized businesses—those target tax—exposed administrative imposition potentially heavy [Appendices start page 653.] APPENDIX A—1 TO OPINION OF J., DISSENTING volatility transient tables* 84 TABLE XEROX CORP. COMMON STOCK** % Change High Low Fluctuations day: 14, 1965............. 48.25 - 6.7 May 16, 1975................ 78.50 9.8 month: November 1965.............. 66.50 57.50 -13.6 August 1974................. 98 74.25 -24.2 year: 1965........................ -56.3 1974............ -61.4 85 A—2 SELECTED STOCK RANGES DURING 1965* Percent Open Name Close Chrysler 1/4 5/8 3/8 -33.1% 12.5% Fairchild Camera 165 150 1/2 +123 -83.5% +447.3% Financial Federation 7/8 1/8 -47.3% 35.5% General Dynamics 3/4 + -48.7% 62.1% T. Grant -42.4% 70.5% Grolier, Inc -- -38.8% Gulf Western Ind 92 -69.5% +192.5% KLM Airlines -75.9% +295.0% Ling Tempco Vaught -70.3% +175.7% Pan Airways -54.6% 79.4% Pennsylvania Railroad -46.0% 66.7% Polaroid Corp 130 116 -66.0% +154.2% RCA -38.6% 39.5% 118 104 -50.6% 76.8% White Consolidated -64.9% +170.8% 215 202 +103 -55.9% +104.8% A—3 88 1974*> ACF Industries........... -24 -53.0% -43.0% Addressograph-Multigraph -74.5% -65.8% Citizens Southern Realty -26 -93.7% -91.1% Corp............. -65.2% -53.6% Coca Cola Co............. -73 -65.1% -58.1% Combustion Engineering... 106 -78 -79.6% -75.05 Edison...... -11 -72.1% -60.0% Continental Illinois -25 -60.8% Cousins Mortgage......... -18 -95.3% -93.2% E. I. duPont............... 179 -66 -52.8% -42.0% Eastman Kodak............ 117 -53 -51.0% -45.8% Fidelity Mtge. Invest.... 9/16 15/16 -5 -94.5% -86.4% Foster Wheeler........... -45 -79.8% -74.8% Holly Sugar................ +13 -68.9% +110.0% Honeywell, Inc.. -49 -79.7% 70.1% Page 657 Moore McCormack Resources +15 -63.9% +123.5% Corp.................. -57.0% 41.9% Stone Webster........... -56 -65.0% 62.7% Tri South Investors -21 -92.7% 88.5% Union Camp Corp............ -20 -40.9% 34.4% Carbide............... -31.0% 21.3% Corp................ -71 -61.5% 58.0% Great United...... +20 -90.0% +592.9% Mortgages -28 -98.8% 96.3% RANGE IN AVERAGES 12/31/73 12/31/74 Dow Jones Industrial Average 850.86 891.66 577.6 616.24 35.2% Standard Poor's 500 Index..... 97.55 99.80 62.28 68.24 toLow...... -37.6% 90 A—4 WALL STREET JOURNAL Friday, 1975, Daily Percentage Leaders N. Y. NEW YORK—The list shows gone down percent change regardless volume Thursday. 93 Net percentage changes difference previous closing yesterdat's last UPS Sales (hds) Last Pct. Welbilt Cp. Up 25.0 Int T&T pfF. 13.3 IDS Rlty 293 13.2 Centrn Data 811 10.4 Texfi Ind. 10.3 Heler pf. 121 10.2 CCI 9.1 Royal 8.8 Readg 8.7 Rockower 8.6 DOWNS Falstaff 178 Off 20.6 SeabCst Lin. 2825 16.3 Emp 4.75pf. z100 12.8 Bulova Wat. 11.8 Leh Vallnd. 10.0 Adams Drg. 9.7 Benguet 226 ChaseMTr. 325 Plan Resrch. 212 3350 '§ Imposition 'In chapter, hereby (as section 535) 532, sum of— '(1) $100,000, plus '(2) $100,000.' '(a) rule. 'The (other subsection (b)) formed 533. Evidence Unreasonable purpose.— 'For contrary.' proceeding Court, 534 allows shift proof Revenue. 535 defines specified; 'such minimum 'lifetime' $100,000 ($150,000 beginning after December 1974, Pub.L. 94—12, 304, Stat. 45, 535(c)(2) (1970 ed., Supp. V). 537 'reasonable includes maximum 6% (payable brokerage commission) 25% exceeds commission taxes). Corporation, pursuant Rule 42, permission file brief amicus curiae asserts exists 22% 48% $25,000. 1954 Code, 11. graduated 14% 70%. 1, originated A, Subdivision 2, Tariff October 3, 1913, 166. fraudulently preventing through medium Accumulations prima facie fraudulent 167. provision appeared 1916, 758, again 220 1918, 1072 (1919), except 1918 word 'fraudulently' deleted. Senate former phraseology necessary fraud S.Rep.No.617, 65th Cong., 3d Sess., (1918). changed 220, 247. shifted Judge Learned Hand opined 'as validity taxing received, 1921 safer itself.' 756 varied somewhat consistently 1924, 277; 1926, 34; 1928, 104, 814; 1932, 195; 102, 702; 1936, 1676; 1938, 483; 1939, 102. kind, inventory accounts receivable. administered times, i.e., prevent ordinarily incident serve obstacle profit-oriented ultimate administer fairly, reality Valuing invariably produces poor inaccurate picture position. Adjusted shortcomings own, does, undeniably, come closer furthering intent Note, Accumulated Tax: Should Marketable Valued Fair Market Value Determining Reasonableness Further Income?, Brooklyn L.Rev. 192, 209—210 (1973). observation investing nonliquid step, amounted willful evasion criminal penalties. 7201 7201. appraised $14,000 reflecting 1965. 'appreciation' herein Petitioner's Government, differences insignificant context Rounded throughout refers asset's costs attendant liquidation. seeks identify discussion, refer ambiguity critical stating 626, intends 'accumulated' account. assume latter, lanugage contemplate unusual, show parenthetically footnote thereto, figure ascertained readily. appraisal asset, sheet. Fletcher, Cyclopedia Law Private 5329, 5329.1, 5335, 5335.1 Some prohibiting recognition source legally paid. E.g., Cal.Corp. 1502, 1505 (1955); Ind.Ann.Stat. 23—1—2 15(a) Other allowing Minn.Stat. 301.22(1) (1974) (a take 'securities ascertainable value'; otherwise, counted dividends); Ohio Rev.Code Ann. 1701.33(A) (Supp. 1974) (allows appreciation). decisional lacking precise guidance prohibits supra, 5335.1; H. Henn, Handbook Enterprises 320, pp. 652—653 (1970). Georgia's follows Model Act, earnings. Ga.Code 22—511(a)(1) (1970); Bus.Corp. 45(a). Share Ga. 511(a)(4); 45(d), stricter declaration surplus. 22—512; Bus. 46. Commentators revalue creating action risky directors. Bugge, Appreciation Source Shareholder Distributions Wisconsin Law, 1964 Wis.L.Rev. 300—304, 312—313; Hackney, Provisions Harv.L.Rev. 1357, 1377—1381 (1957). 715(c), 48, director illegal considers 'book value.' Among things, 'security' bonds, certificates participation profitsharing agreements, collateral trust certificates, contracts, voting-trust fractional oil, gas, mineral rights, general, instrument commonly known 'security .." 74, 77b(1); 882, 78c(10). Housing Foundation, Forman, 421 837, 2051, 621 (1975). example difficulty southern pine timberlands, lands precisely $2,416,000, respectively, account? instances, well-situated timberlands sheets indicates growing timber marketable. brandishment threat type 630 n. 11, suffice deter intention pitfalls suggestion motivation legitimate choice offense. implications expected assess possible incidences taxation arranging matters chosen allows, make transaction else truly Wodehouse, 337 369, 410, 1120, 1139, 1419 (1949) (Frankfurter, dissenting). especially involved. illustrate point: low 1/2. funds shrunk $85,000 day. month 1/4, 24.2% swing. Again, assuming owner suffered paper 'losses' approximately $237,500, Considering entire calendar variation 55.9% 120%. dollars, person bought enjoyed pretax profit $400,000. 49, whose market's peak, it, himself 'lost' deems 'realisticc investment. Appendix A—1, infra. gyrations equity point. fell 20.6% assumes instability unsound. revealed obtained opinions Appeals, 163 (1936), Third Circuit, 931 (1937), briefs parties. set forth relevant: decline aggregated $943,500; $2,000,000 shrinkage mentioned included, attempted elimination $1,068,000 bank wholly unmarketable. Respondent 723, O.T.1937, 34—35. 'that (its) merchandise shrank quarter million declined $125,000.' 933. alleged occurred sought Except data quotations. presented selective illustrative **All xerox three-for-one split. Source—New Times—Monday, 17,1966—for ranges only. **Prices splits. Source—Richmond Times-Dispatch, Sunday, Jan. 5, E-6, E-7—for

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