McCORD, Circuit Judge.
The petition for review involves the respondent's liability for income and excess profits taxes for the years 1935 and 1936. The opinion of the Board of Tax Appeals is reported, 45 B.T.A. 417.
Merchants Securities Corporation was organized in 1922 by the Merchants National Bank of Mobile, Alabama, for the purpose of carrying on types of business which could not be engaged in directly by the bank. The stockholders of the National Bank...
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