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FARMERS & MERCHANTS BANK v. COMMISSIONER OF INT. REV.

No. 13792.

175 F.2d 846 (1949)

FARMERS & MERCHANTS BANK, CERESCO, NEBRASKA v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Eighth Circuit.

July 14, 1949.

Attorney(s) appearing for the Case

Howard V. Kanouff, Wahoo, Neb. (Joseph H. McGroarty, Omaha, Neb., on the brief), for petitioner.

S. Walter Shine, Sp. Asst. to Atty. Gen. (Theron Lamar Caudle, Asst. Atty. Gen., George A. Stinson, Ellis N. Slack, and A. F. Prescott, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before SANBORN, THOMAS and JOHNSEN, Circuit Judges.

JOHNSEN, Circuit Judge.

The Commissioner of Internal Revenue assessed income taxes against Farmers and Merchants Bank, of Ceresco, Nebraska, upon its earnings, which the bank had been paying out to its former depositors, under the terms of a reorganization agreement entered into in 1932, for application upon the claims which the depositors had had against the bank when it closed its doors in 1931. The bank contended that the obligation which the reorganization agreement...

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