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MONTANA POWER CO. v. UNITED STATES

Civ. A. No. 159-52.

121 F.Supp. 577 (1954)

MONTANA POWER CO. v. UNITED STATES.

United States District Court D. New Jersey.

May 17, 1954.

Attorney(s) appearing for the Case

Schmid & Bourne, by Coleman Burke, Summitt, N. J., E. Roy Gilpin, George E. Bailey, New York City, for plaintiff.

William F. Tompkins, U. S. Atty., Newark, N. J., by Herman Scott, Asst. U. S. Atty., Passaic, N. J., John A. Rees, Sp. Asst., Dept. of Justice, Washington, D. C., for defendant.

HARTSHORNE, District Judge.

The question in this case is whether or not the debentures of plaintiff Montana Power, "Montana", were issued at a discount, and, if so, whether or not such discount is to be determined and deducted in Montana's income and excess profits tax returns, according to the principle laid down in American Smelting & Refining Co. v. United States, 3 Cir., 1942, 130 F.2d 883. The pertinent principle stated in...

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