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FIRST NAT. BANK OF OMAHA v. COMMISSIONER OF INTERNAL REVENUE

No. 8982.

49 F.2d 70 (1931)

FIRST NAT. BANK OF OMAHA v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Eighth Circuit.

April 13, 1931.

Attorney(s) appearing for the Case

Edward R. Burke, of Omaha, Neb. (Kenneth S. Finlayson, of Omaha, Neb., on the brief), for petitioner.

William Cutler Thompson, Sp. Asst. to Atty. Gen. (G. A. Youngquist, Asst. Atty. Gen., Sewall Key, Sp. Asst. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and R. N. Shaw, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., on the brief), for appellee.

Before KENYON and VAN VALKENBURGH, Circuit Judges, and DAVIS, District Judge.

VAN VALKENBURGH, Circuit Judge.

This is a petition to review a decision of the Board of Tax Appeals. But two questions are involved. The first relates to the determination of a deficiency in tax for 1921, and the second to the determination of a deficiency for 1923.

The Revenue Act of 1921 (42 Stat. 227, 254, 255) provided as follows:

"Sec. 234. (a) That in computing the net income of a corporation subject to the tax imposed by section 230 there shall...

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