COMMISSIONER OF INT. REV. v. SOUTHWEST CONSOL. CORP.

No. 9524.

119 F.2d 561 (1941)

COMMISSIONER OF INTERNAL REVENUE v. SOUTHWEST CONSOL. CORPORATION.

Circuit Court of Appeals, Fifth Circuit.

April 19, 1941.


Attorney(s) appearing for the Case

Samuel O. Clark, Jr., Asst. Atty. Gen., Sewall Key, J. Louis Monarch, and Maurice J. Mahoney, Sp. Assts. to Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and John M. Morawski, Sp. Atty., both of Washington, D. C., for petitioner.

Fred Simon, of Shreveport, La., and A. Chauncey Newlin, of New York City, for respondent.

Before FOSTER, HUTCHESON, and HOLMES, Circuit Judges.


FOSTER, Circuit Judge.

Respondent, Southwest Consolidated Corporation, acquired all the assets of Southwest Gas Utilities Corporation, in June, 1934, through the medium of a bondholders' committee in a reorganization to which both corporations were parties. In making returns for income and excess profit taxes for 1934 and 1935 respondent claimed losses for certain worthless assets charged off and took the cost of the assets...

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