TEMPLETON'S JEWELERS v. UNITED STATES

No. 8713.

126 F.2d 251 (1942)

TEMPLETON'S JEWELERS, Inc., v. UNITED STATES.

Circuit Court of Appeals, Sixth Circuit.

March 4, 1942.


Attorney(s) appearing for the Case

Fred M. Williams, of Chattanooga, Tenn., for appellant.

Samuel H. Levy, of Washington, D. C. (Samuel O. Clark, Jr., Asst. Atty. Gen., J. Louis Monarch and Maurice J. Mahoney, Sp. Assts. to Atty. Gen., and J. B. Frazier, Jr., of Chattanooga, Tenn., on the brief), for appellee.

Before SIMONS, MARTIN, and McALLISTER, Circuit Judges.


SIMONS, Circuit Judge.

The appellant sought to recover income and excess profits taxes paid by it for the fiscal years ending July 31, 1933 and July 31, 1934, on the ground that its acquisition of the assets of a predecessor corporation from an assignee for the benefit of creditors, was in pursuance of a plan of reorganization, by reason of which the basis for computing gains was the cost of the property to its predecessor...

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