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WILLINGHAM LOAN & TRUST CO. v. COM'R OF INTERNAL REVENUE

No. 5690.

36 F.2d 49 (1929)

WILLINGHAM LOAN & TRUST CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

November 22, 1929.

Attorney(s) appearing for the Case

J. C. Murphy, of Atlanta, Ga., for petitioner.

Sewall Key, Harvey R. Gamble, and Helen R. Carloss, Sp. Assts. to the Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and John McC. Hudson, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before WALKER, BRYAN, and FOSTER, Circuit Judges.

FOSTER, Circuit Judge.

In this case it appears that petitioner kept its books on a monthly basis, taking off trial balances and dividing profits at the end of each month, and closed the books on May 31st annually. However, they filed returns for income and profit taxes on the annual basis for the years 1919, 1920, and 1921, and prior years, using the monthly trial balances for that purpose. The Commissioner of Internal Revenue required returns to be made on the fiscal...

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