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MOUNTAIN STATE STEEL FOUNDRIES, INC. v. C. I. R.

No. 8059.

284 F.2d 737 (1960)

MOUNTAIN STATE STEEL FOUNDRIES, INC., Petitioner and Cross-Respondent, v. COMMISSIONER OF INTERNAL REVENUE, Respondent and Cross-Petitioner.

United States Court of Appeals Fourth Circuit.

Decided November 7, 1960.

Attorney(s) appearing for the Case

Joseph W. Kiernan, Washington, D. C. (Robert P. Smith, D. A. Baker, and Smith, Ristig & Smith, Washington, D. C., on brief), for petitioner and cross-respondent.

Harold M. Seidel, Atty., Dept. of Justice, Washington, D. C. (Howard A. Heffron, Acting Asst. Atty. Gen., and Lee A. Jackson and Harry Baum, Attys., Dept. of Justice, Washington, D. C., on brief), for respondent and cross-petitioner.

Arthur J. Goldberg, Gen. Counsel, Elliot Bredhoff, Assoc. Gen. Counsel, United Steelworkers of America, Carolyn E. Agger, Sheldon S. Cohen, and Stevenson, Paul, Rifkind, Wharton & Garrison, Washington, D. C., on brief, for United Steelworkers of America as amicus curiae.

Before SOBELOFF, Chief Judge, and SOPER and HAYNSWORTH, Circuit Judges.

HAYNSWORTH, Circuit Judge.

Deficiences of income tax for the fiscal years 1951-1954 were asserted against this corporate taxpayer upon (1) the disallowance of deductions for interest paid upon notes given in part payment of the purchase price of the stock of dissident stockholders upon the ground that the stock purchase agreement impaired the capital of the corporation and was invalid under state law, and (2) the assessment of the penalty tax of § 102 of the...

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