FIRST NAT. BANK OF ST. ELMO, ILL. v. UNITED STATES

No. 10476.

194 F.2d 389 (1952)

FIRST NAT. BANK OF ST. ELMO, ILL., et al. v. UNITED STATES.

United States Court of Appeals Seventh Circuit.

February 14, 1952.


Attorney(s) appearing for the Case

Spaulding Glass, Chicago, Ill., Leigh M. Kagy, East St. Louis, Ill., Theodore R. Scott, Chicago, Ill., of counsel, for appellant.

Ellis N. Slack, Acting Asst. Atty. Gen., Hilbert P. Zarky, A. F. Prescott, Richard D. Harrison, Special Assts. to the Atty. Gen., William W. Hart, U. S. Atty., Danville, Ill., Ernest R. McHale, Asst. U. S. Atty., East St. Louis, Ill., for appellee.

Before MAJOR, Chief Judge, and KERNER and SWAIM, Circuit Judges.


KERNER, Circuit Judge.

Appellant sued to recover income and excess profits taxes alleged to have been wrongly assessed. The facts in the case were introduced entirely by stipulation which the court adopted in lieu of special findings, concluding therefrom that, with one minor exception, appellant was not entitled to recover the taxes involved.

Appellant is a bank which acquired an 80-acre tract of farm land at a mortgage

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