The opinion
CLARK, Circuit Judge
(concurring).
I agree with the result and with all of the opinion except for the two conjoined statements that Pembroke Realty & Securities Corp. v. Commissioner, supra, is indistinguishable, and that personally we are of the same mind as when it was announced. Though I did not participate in that case, I should suppose it distinguishable. There at least the statutory purpose had been accomplished by a distribution of earnings which went to swell the taxable income of the distributees; here, on the taxpayer’s contention, the corporate earnings would be strictly nontaxable. But if I am wrong and the distinction is not sufficient, I do not see, for my part, how the Pembroke principle could have stood as applied to these facts, whatever the decision of the Tax Court, in view of the clear command of the statute.