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GENERAL BANCSHARES CORP. v. C. I. R.

No. 17313.

326 F.2d 712 (1964)

GENERAL BANCSHARES CORPORATION, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Eighth Circuit.

January 28, 1964.

Attorney(s) appearing for the Case

Edward L. Rogers, Atty., Dept. of Justice, Washington, D. C., make argument for the respondent and filed brief with Louis F. Oberdorfer, Asst. Atty. Gen., Dept. of Justice, Washington, D. C., and Meyer Rothwacks and David O. Walter, Attys., Dept. of Justice, Washington, D. C.

Owen T. Armstrong, St. Louis, Mo., argued and Henry C. Lowenhaupt, Lowenhaupt, Chasnoff, Freeman & Holland, St. Louis, Mo., on the brief, for petitioner.

Before VAN OOSTERHOUT and BLACKMUN, Circuit Judges, and HANSON, District Judge.

BLACKMUN, Circuit Judge.

The Tax Court has held that certain 1957 costs incurred by General Bancshares Corporation in issuing non-taxable stock dividends are not deductible as ordinary and necessary business expenses under § 162(a) of the Internal Revenue Code of 1954, 26 U.S.C.A. § 162 (a). Judge Scott's opinion, not reviewed by the full court, is reported at 39 T.C. 423. The taxpayer...

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