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CAPITOL COAL CORP. v. COMMISSIONER OF INTERNAL REV.

No. 31, Docket 24573.

250 F.2d 361 (1957)

CAPITOL COAL CORPORATION, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided December 6, 1957.

Attorney(s) appearing for the Case

Harry Janin, New York City (Joseph H. Crown, New York City, of counsel), for petitioner-appellant Capitol Coal Corp.

Harry Marselli, Dept. of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson. David O. Walter, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent Commissioner of Internal Revenue.

Before CLARK, Chief Judge, MOORE, Circuit Judge, and LEIBELL, District Judge.

MOORE, Circuit Judge.

The taxpayer, Capitol Coal Corporation, petitions for review of a decision of the Tax Court (26 T.C. 1183) finding deficiencies in income tax and declared value excess profits tax in the respective amounts of $13,100.27 and $3,958.96 for the fiscal year ended May 31, 1944.

The sole issue is the effect to be given to the cancellation of certain debts in May 1942 and March 1943 by four of the taxpayer's business...

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