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AMERICAN BANK & TRUST COMPANY v. UNITED STATES

No. 20425.

333 F.2d 416 (1964)

AMERICAN BANK & TRUST COMPANY, Appellant, v. UNITED STATES of America, Appellee.

United States Court of Appeals Fifth Circuit.

June 18, 1964.

Attorney(s) appearing for the Case

Alvin B. Rubin and Sanders, Miller, Downing, Rubin & Kean, Baton Rouge, La., for petitioner.

Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Atty., Dept. of Justice, Louis C. LaCour, U. S. Atty., Loring W. Post, Karl Schmeidler, Attys., Dept. of Justice, Washington, D. C., Peter E. Duffy, Asst. U. S. Atty., for respondent.

Before RIVES, JONES and WISDOM, Circuit Judges.

WISDOM, Circuit Judge.

This action is a claim for refund of income taxes. The facts are stipulated. The taxpayer, the American Bank & Trust Company of Baton Rouge, Louisiana, sustained net operating losses in 1954 and 1955 which it carried back to the years 1952 and 1953. The issue is narrow: whether the net operating loss deduction must be calculated according to Section 172 of the Internal Revenue Code of 1954, as the...

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