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ALABAMA MINERAL LAND CO. v. COMMISSIONER OF INT. REV.

No. 16439.

250 F.2d 870 (1957)

ALABAMA MINERAL LAND COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

December 30, 1957.

Attorney(s) appearing for the Case

John R. Stivers, Memphis, Tenn., for petitioner.

Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, John N. Stull, A. F. Prescott, Carolyn R. Just, Attys., Dept. of Justice, John Potts Barnes, Chief Counsel, John M. Morawski, Sp. Atty., I. R. S., Washington, D. C., for appellee.

Before RIVES, JONES and BROWN, Circuit Judges.

JONES, Circuit Judge.

Six individuals owned the bonds of a $5,000,000 issue of Selma, Rome and Dalton Railroad Company secured by its deed of trust. Through foreclosure the bondholders acquired approximately 361,000 acres of land situate in fifteen or more counties of Alabama. In 1883 the six former bondholders transferred the lands to the petitioner, Alabama Mineral Land Company, in exchange for its stock. The stock was issued in the same proportion as the bonds...

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