The following excerpt is from PUBLIC UTILITY DIST. NO. 1 OF PEND OREILLE CTY. v. City of Seattle, 382 F.2d 666 (9th Cir. 1967):
These expressions in our judgment reinforce an early ruling of this court on this question. In United States v. Central Stockholders' Corp., 52 F.2d 322, 332 (9th Cir. 1931), we stated:
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