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MISSOURI PACIFIC RAILROAD COMPANY v. UNITED STATES

No. 499-59.

337 F.2d 637 (1964)

MISSOURI PACIFIC RAILROAD COMPANY v. The UNITED STATES.

United States Court of Claims.

October 16, 1964.

Attorney(s) appearing for the Case

Robert T. Molloy, Washington, D. C., for plaintiff. Mark M. Hennelly, Gilbert P. Strelinger, St. Louis, Mo., Grant W. Wiprud, Gerald J. O'Rourke, Jr., and Dale W. Wickham, Washington, D. C., on the briefs.

Philip R. Miller, Washington, D. C., with whom was Asst. Atty. Gen., Louis F. Oberdorfer, for defendant. Edward S. Smith, Lyle M. Turner, and S. Laurence Shaiman, Washington, D. C., on the brief.

Before JONES and WHITAKER, Senior Judges, and LARAMORE, DURFEE, and DAVIS, Judges.

LARAMORE, Judge.

This is an action for the refund of Federal income taxes for the year 1954 in the amount of $2,480,183.29, together with deficiency interest in the amount of $121,182.52, plus statutory interest on these amounts. The question presented centers on the deductibility under section 163 of the 1954 Code1 of so-called "pre-issue" interest resulting from a railroad insolvency reorganization.2

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