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WILSON BANKING COMPANY v. COMMISSIONER OF INTERNAL REVENUE

No. 5385.

30 F.2d 1023 (1929)

WILSON BANKING COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied March 25, 1929.

Attorney(s) appearing for the Case

St. Clair Adams, of New Orleans, La. (G. A. Wilson, of Greenwood, Miss., on the brief), for petitioner.

Mabel Walker Willebrandt, Asst. Atty. Gen., Sewall Key and Harvey R. Gamble, Sp. Assts. to the Atty. Gen., and C. M. Charest, General Counsel, Bureau of Internal Revenue, and Thos. P. Dudley, Jr., Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C. (Irwin R. Blaisdell, Sp. Atty., Bureau of Internal Revenue, of Washington, D. C., on the brief), for respondent.

Before WALKER, BRYAN, and FOSTER, Circuit Judges.

FOSTER, Circuit Judge.

In this case the material facts are these: Petitioner is a Mississippi banking corporation, with a capital stock of $25,000, all of which, except qualifying shares, is owned by G. A. Wilson. When the bank was organized, G. A. Wilson deposited eight promissory notes, of the face value of $174,100. The notes were paid at maturity. The interest, amounting to some $12,000, was credited to the surplus of the bank and the balance was credited to Wilson...

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