WOOLLEY, Circuit Judge.
The Fidelity Union Trust Company, which we shall call the bank, is a corporation of New Jersey. In making a federal tax return for the year 1917 it deducted from its gross income an item of $45,643.03, being the amount of taxes on its capital stock assessed against it for that year by the County Board of Taxation of Essex County, New Jersey, and paid in response to the assessment. The Commissioner of Internal Revenue disallowed the deduction...
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