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CENTRAL HANOVER BANK & TRUST CO. v. UNITED STATES

No. 181, Docket 20482.

159 F.2d 865 (1947)

CENTRAL HANOVER BANK & TRUST CO. v. UNITED STATES.

Circuit Court of Appeals, Second Circuit.

February 20, 1947.

Attorney(s) appearing for the Case

John F. X. McGohey, U. S. Atty., of New York City (Samuel Rudykoff, Asst. U. S. Atty., of New York City, of counsel), for appellant.

Rathbone, Perry, Kelley & Drye, of New York City (Theodore Pearson, John W. Drye, Jr., and William H. Harrar, all of New York City, of counsel), for appellee.

Before SWAN, CHASE, and CLARK, Circuit Judges.

PER CURIAM.

The income taxes involved in this litigation were attributable to the recovery by Central Hanover Bank and Trust Company in the year 1936 of $278,556.01 on debts which the bank had charged off in earlier years as wholly or partially worthless. The legal question presented is whether the district court was correct in holding that such recoveries should be excluded from the bank's gross income for 1936 under the retroactive provisions of section 116 of the...

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