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NATIONAL CITY LINES v. UNITED STATES

No. 10520.

197 F.2d 754 (1952)

NATIONAL CITY LINES, Inc. v. UNITED STATES.

United States Court of Appeals Third Circuit.

Decided June 19, 1952.

Rehearing Denied August 5, 1952.

Attorney(s) appearing for the Case

Melva Graney, Washington, D. C. (Theron Lamar Caudle, Asst. Atty. Gen., Ellis N. Slack, Robert N. Anderson, Edward J. P. Zimmerman, Sp. Assts. to Atty. Gen., William Marvel, U. S. Atty., Washington, D. C., on the brief), for defendant-appellant.

Francis X. Downey, New York City (Allan F. Ayers, Jr., New York City, Hugh M. Morris, Wilmington, Del., Hodges, Reavis, McGrath, Pantaleoni & Downey, New York City, Morris, Steel, Nichols & Arsht, Wilmington, Del., on the brief), for plaintiff-appellee.

Before MARIS and KALODNER, Circuit Judges, and STEWART, District Judge.

KALODNER, Circuit Judge.

The sole question presented by this appeal is whether payments received by a taxpayer, representing interest for periods prior to its "flat"1 purchase of certain securities, should be treated as a return of capital or as taxable income.

The pertinent facts are as follows:

The St. Louis Public Service Company, a Missouri transportation corporation, as a result of reorganization proceedings under...

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