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ARKANSAS LOUISIANA GAS COMPANY v. COMMISSIONER OF INTERNAL REVENUE

No. 20964.

331 F.2d 850 (1964)

ARKANSAS LOUISIANA GAS COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

May 11, 1964.

Attorney(s) appearing for the Case

Thomas A. Harrell, Shreveport, La., for petitioner. Blanchard, Walker, O'Quin & Roberts, Shreveport, La., of counsel.

Louis F. Oberdorfer, Asst. Atty. Gen., John B. Jones, Acting Asst. Atty. Gen., Lee A. Jackson, Atty., Dept. of Justice, R. P. Hertzog, Chief Counsel, I. R. S., Charles Owen Johnson, Atty., I. R. S., David O. Walter, Edward L. Rogers, Attys., Dept. of Justice, Washington, D. C., for respondent.

Before TUTTLE, Chief Judge, WISDOM, Circuit Judge, and McRAE, District Judge.

PER CURIAM.

The question here is whether the Tax Court erred in holding that the expenses and costs incurred in declaring and paying stock dividends to petitioner's shareholders were capital in nature and did not constitute ordinary and necessary business expenses, deductible from gross income under the provisions of the Internal Revenue Code. In General Banc-shares Corp. v. Commissioner of Internal Revenue, 8 Cir., 326 F.2d 712,...

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