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LYKES BROS. S. S. CO. v. COMMISSIONER OF INTERNAL REV.

No. 9926.

126 F.2d 725 (1942)

LYKES BROS. S. S. CO., Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

March 20, 1942.

Attorney(s) appearing for the Case

Donald V. Hunter, of Washington, D. C., for petitioner.

Joseph M. Jones, J. Louis Monarch, Sewall Key, and Helen R. Carloss, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Charles E. Lowery, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before FOSTER, SIBLEY, and McCORD, Circuit Judges.

SIBLEY, Circuit Judge.

The sole question here is whether taxpayer's income from carrying United States mails is to be reduced by certain annual deposits to a special bank account. The petitioner, Lykes Bros. Steamship Co., in the early part of 1933 was operating fifty-two ships belonging to the United States over routes which were unprofitable. Negotiations with the Interdepartmental Committee which embraced a member of the United States Shipping Board and a representative...

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