BUFFINGTON, Circuit Judge.
This somewhat complicated case eventually narrows to an answer to the question of "whether an item of net accrued interest receivable of the taxpayer's predecessor corporation, all of whose assets the taxpayer acquired in a non-taxable consolidation, when collected by the taxpayer, constitutes income or the recovery of capital to the taxpayer". Here the interest had accrued at the date of consolidation and the predecessor corporation had...
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