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LYNCHBURG NAT. BANK & T. CO. v. COMMISSIONER OF INT. REV.

No. 6695.

208 F.2d 757 (1953)

LYNCHBURG NAT. BANK & TRUST CO. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Fourth Circuit.

Decided December 5, 1953.

Attorney(s) appearing for the Case

Robert J. Heberle, Richmond, Va., for petitioner.

Walter Akerman, Jr., Sp. Asst. to Atty. Gen., Washington, D. C. (H. Brian Holland, Asst. Atty. Gen. and Ellis N. Slack, Sp. Asst. to Atty. Gen., Washington, D. C., on brief), for respondent.

Before PARKER, Chief Judge, and SOPER and DOBIE, Circuit Judges.

SOPER, Circuit Judge.

Lynchburg National Bank & Trust Company, the taxpayer in this case, contends that under the provisions of Section 112(f) of the Internal Revenue Code, 26 U.S.C.A. § 112(f),1 no gain should be recognized from the receipt by it in the taxable year 1946 of the proceeds of an insurance policy received by it because of a fire loss on a building which adjoined its banking...

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