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MARYLAND COAL AND COKE COMPANY v. McGINNES

Civ. A. No. 26286.

225 F.Supp. 854 (1964)

MARYLAND COAL AND COKE COMPANY v. Edgar A. McGINNES, District Director of Internal Revenue.

United States District Court E. D. Pennsylvania.

January 21, 1964.

Attorney(s) appearing for the Case

S. Gordon Elkins, David P. Brown, Jr., Stradley, Ronon, Stevens & Young, Philadelphia, Pa., for plaintiff.

Drew J. T. O'Keefe, U. S. Atty., Philadelphia, Pa, Louis F. Oberdorfer, Asst. Atty. Gen., C. Moxley Featherston, Rufus E. Stetson, Jr., John M. Hammerman, Dept. of Justice, Washington, D. C., for defendant.

LUONGO, District Judge.

Maryland Coal and Coke Company (Maryland) instituted suit for the recovery of sums paid the defendant in 1954 for federal income and excess profits tax deficiencies assessed for the 1950 calendar year. The deficiencies resulted from defendant's determination that a $200,000 payment received by Maryland in 1950 for cancellation of an exclusive sales agency contract was taxable as ordinary income rather than as a capital gain. Defendant has moved...

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