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COMMISSIONER OF INT. R. v. ADAM, MELDRUM & ANDERSON CO.

No. 263, Docket 22950.

215 F.2d 163 (1954)

COMMISSIONER OF INTERNAL REVENUE. v. ADAM, MELDRUM & ANDERSON CO., Inc.

United States Court of Appeals Second Circuit.

Decided July 29, 1954.

Attorney(s) appearing for the Case

S. Dee Hanson, Sp. Asst. to Atty. Gen. (H. Brian Holland, Asst. Atty. Gen., and Ellis N. Slack and Lee A. Jackson, Sp. Assts. to Atty. Gen., on the brief), for petitioner.

Fred R. Tansill, Washington, D. C. (John F. Connelly, Buffalo, N. Y., and Eugene Meacham, Washington, D. C., on the brief), for respondent.

Before CLARK, FRANK, and MEDINA, Circuit Judges.

CLARK, Circuit Judge.

This petition involves the proper tax treatment of certain transactions undertaken by respondent, Adam, Meldrum & Anderson Co., Inc., taxpayer, and arising out of the financial difficulties of its subsidiary, Adam, Meldrum & Anderson State Bank, and the liability imposed by statute on holders of bank stock. The issues concern the taxpayer's excess profits tax for the year 1944. The facts are fully stated in the decision of the Tax Court...

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