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COMMISSIONER OF INTERNAL REVENUE v. LIBERTY NAT. CO.

No. 440.

58 F.2d 57 (1932)

COMMISSIONER OF INTERNAL REVENUE v. LIBERTY NAT. CO.

Circuit Court of Appeals, Tenth Circuit.

Rehearing Denied April 23, 1932.

Attorney(s) appearing for the Case

P. C. Alexander, of Washington, D. C. (G. A. Youngquist, Asst. Atty. Gen., Sewall Key and John G. Remey, Sp. Assts. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and R. N. McMillan, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., on the brief), for petitioner.

Charles F. Miller, of Washington, D. C. (Glenn J. Homan, of Oklahoma City, Okl., on the brief), for respondent.

Before LEWIS and McDERMOTT, Circuit Judges, and SYMES, District Judge.

McDERMOTT, Circuit Judge.

The Liberty National Company and the Liberty National Bank are affiliated corporations — child and parent. Section 240 of the Revenue Act of 1918 (40 Stat. 1082) required them to file consolidated returns, and taxes were computed on the invested capital of the unit and levied upon the consolidated income of the unit. Items of profit and loss arising out of transactions between corporations within...

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