DAVIS v. PENFIELD

No. 14284.

205 F.2d 798 (1953)

DAVIS, Collector of Internal Revenue, v. PENFIELD.

United States Court of Appeals Fifth Circuit.

July 10, 1953.


Attorney(s) appearing for the Case

Harvey M. Spear, Robert N. Anderson, Ellis N. Slack, Sp. Assts. to the Atty. Gen., H. Brian Holland, Charles S. Lyon, Asst. Attys. Gen., John D. Hill, U. S. Atty., Birmingham, Ala., for appellant.

Paul Johnston, Forney Johnston, Birmingham, Ala., Chas. B. McInnis, Ernest M. Callomon, Washington, D. C., for appellee.

Before HUTCHESON, Chief Judge, and BORAH and RUSSELL, Circuit Judges.


HUTCHESON, Chief Judge.

The commissioner having assessed, and the plaintiff having paid the collector, a deficiency assessment of $17,223.62, plaintiff brought this suit to recover that sum as erroneously and illegally assessed and collected.

The primary claim was that the receipt by taxpayer of Gulf States Debentures pursuant to a plan for the recapitalization of that company whereby the entire 25,000 shares of previously outstanding $100 par preferred stock...

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