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MERCANTILE BANK & TRUST CO. v. UNITED STATES

No. 50262.

147 F.Supp. 956 (1957)

MERCANTILE BANK & TRUST CO. v. The UNITED STATES.

United States Court of Claims.

January 16, 1957.

Attorney(s) appearing for the Case

R. Eugene McGannon, Kansas City, Mo., Joseph A. Hoskins, Harlow B. King and Morelock, Hoskins, King, Springer & McGannon, Kansas City, Mo., on the brief, for plaintiff.

James X. Kilbridge, Washington, D. C., with whom was Charles K. Rice, Asst. Atty. Gen., Andrew D. Sharpe, Washington, D. C., on the brief, for defendant.

Before JONES, Chief Judge, and LITTLETON, WHITAKER, MADDEN and LARAMORE, Judges.

MADDEN, Judge.

The plaintiff sues to recover excess profits taxes which it was required to pay for the year 1945. It says that the obligation represented by a "capital note" made by it to the Reconstruction Finance Corporation was, for excess profits tax purposes, equity invested capital, and not borrowed capital; that the Government's taxing authorities erroneously treated it as the latter in computing the plaintiff's excess profits tax; and that as a result the...

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