Louis Brandeis

“ Atlas Powder Company desired to eliminate the competition of three concerns-Peerless Explosives Company, Union Explosives Company, and Black Diamond Powder Company. Deeming it unwise to do so by buying either their stock or their assets, Atlas conceived and consummated a plan for consolidating the three competitors into a new corporation, with Atlas to get a majority of its stock. ”

“ Mr. Justice McREYNOLDS, Mr. Justice SUTHERLAND, and Mr. Justice BUTLER are of opinion that the Board of Tax Appeals and the Circuit Court of Appeal, reached the right conclusion, and that the judgment below should be affirmed. ”