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EDWARDS v. ALLEN

Nos. 15018, 15019, 15020.

216 F.2d 794 (1954)

Samuel EDWARDS, Administrator of the Estate of Marion H. Allen, deceased, former Collector of Internal Revenue for the District of Georgia, Appellant, v. H. C. ALLEN, Jr., and Margaret B. Allen, Appellees. Samuel EDWARDS, Administrator of the Estate of Marion H. Allen, deceased, former Collector of Internal Revenue for the District of Georgia, Appellant, v. Ira H. HARDIN and Bessye Allen Hardin, Appellees. Samuel EDWARDS, Administrator of the Estate of Marion H. Allen, deceased, former Collector of Internal Revenue for the District of Georgia, Appellant, v. Sykes H. YOUNG and Carroll M. Young, Appellees.

United States Court of Appeals, Fifth Circuit.

November 16, 1954.

Attorney(s) appearing for the Case

Carolyn R. Just, Ellis N. Slack, Fred E. Youngman, Sp. Asst. Attys. Gen., H. Brian Holland, Asst. Atty. Gen., Frank O. Evans, U. S. Atty., Floyd M. Buford, Asst. U. S. Atty., Macon, Ga., A. F. Prescott, Sp. Asst. to Atty. Gen., for appellant.

Furman Smith, Atlanta, Ga., Spalding, Sibley, Troutman & Kelley, Atlanta, Ga., of counsel, for appellees.

Before HOLMES, BORAH and TUTTLE, Circuit Judges.

TUTTLE, Circuit Judge.

We have here for consideration the question as to whether payments made by the stockholders and officers of a corporation to satisfy a guaranty agreement previously executed by them in order to obtain additional credit for their wholly owned corporation, such payments being made when the corporation's assets had dwindled to the point that they would never thereafter be sufficient to reimburse them, caused such stockholders to sustain losses...

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