GENERAL ELECTRIC COMPANY v. UNITED STATES

No. 145-59.

299 F.2d 942 (1962)

GENERAL ELECTRIC COMPANY v. The UNITED STATES.

United States Court of Claims.

March 7, 1962.


Attorney(s) appearing for the Case

John P. Lipscomb, Jr., Washington, D. C., for plaintiff. Floyd F. Toomey, C. Rudolf Peterson, Washington, D. C., and James McCarthy, Washington, D. C., were on the briefs.

Philip R. Miller, Washington, D. C., with whom was Asst. Atty. Gen., Louis F. Oberdorfer, for defendant. Lyle M. Turner, Joel N. Simon, Harold S. Larsen, and Mildred L. Seidman, Washington, D. C., were on the brief.


WHITAKER, Judge.

This is a suit for the recovery of income taxes paid for the calendar years 1949 through 1953.

Plaintiff included in its income tax returns for the years involved the capital gains derived from the disposition of certain shares of its common stock which plaintiff had acquired, in part, in a liquidation of its wholly-owned subsidiary, in part as dividends in kind, and in part by purchase, and which, after acquisition, it had held in its treasury...

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