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TALBOT MILLS v. COMMISSIONER OF INTERNAL REVENUE

No. 4015.

146 F.2d 809 (1944)

TALBOT MILLS v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, First Circuit.

December 22, 1944.

Attorney(s) appearing for the Case

Melville F. Weston and Powers & Hall, all of Boston, Mass. (Clare V. Stanton, of Newton, Mass., of counsel), for petitioner for review.

John F. Costelloe, of Washington, D. C., and Samuel O. Clark, Jr., Asst. Atty., Gen., Sewall Key, J. Louis Monarch, and Harry Baum, Sp. Assts. to the Atty. Gen., J. P. Wenchel, Chief Counsel, and Charles E. Lowery, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for the Commissioner.

Before MAGRUDER, MAHONEY, and WOODBURY, Circuit Judges.

MAHONEY, Circuit Judge.

In its income and excess profits tax returns for the fiscal year ending September 30, 1940, the taxpayer, Talbot Mills, deducted the sum of $40,000 accrued as interest upon certain "registered notes." The Commissioner of Internal Revenue disallowed the deduction on the ground that it did not represent interest within the meaning of § 23(b) of the Revenue Act of 1938, 52 Stat. 447, 26 U.S.C.A. Internal Revenue Code, § 23(b). The Tax...

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