BLAIR v. FIRST TRUST & SAVINGS BANK OF MIAMI

No. 5543.

39 F.2d 462 (1930)

BLAIR, Commissioner of Internal Revenue, v. FIRST TRUST & SAVINGS BANK OF MIAMI, FLA.

Circuit Court of Appeals, Fifth Circuit.

March 25, 1930.


Attorney(s) appearing for the Case

Sewall Key and Helen R. Carloss, Sp. Assts. to Atty. Gen., C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, Allin H. Pierce, Sp. Atty., Bureau of Internal Revenue, and V. J. Heffernan, Sp. Atty., Bureau of Internal Revenue, all of Washington, D. C., Mabel Walker Willebrandt, Asst. Atty. Gen. (G. A. Youngquist, Asst. Atty. Gen., on the brief), for petitioner.

P. Robert G. Sjostrom and Wm. S. Hammers, both of Washington, D. C., for respondent.

Argued before WALKER, BRYAN, and FOSTER, Circuit Judges.


FOSTER, Circuit Judge.

Respondent is a bank doing business in Miami, Fla., and as part of its business it makes and negotiates mortgage loans on real estate. In addition to the regular interest, it charges a fee of about two per cent. for services in connection with a loan, including its negotiation with others. When a loan is approved, the commission is deducted and the net amount paid to the borrower. Respondent keeps its books and makes its returns on the cash...

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