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IOWA SOUTHERN UTILITIES COMPANY v. UNITED STATES

No. 398-60.

348 F.2d 492 (1965)

IOWA SOUTHERN UTILITIES COMPANY v. The UNITED STATES.

United States Court of Claims.

July 16, 1965.

Attorney(s) appearing for the Case

Charles T. Akre, Washington, D. C., for plaintiff, Robert Valentine, of Valentine, Greenleaf & Griffing, Centerville, Iowa, Marion Hirschburg of Hirschburg, Reynolds, Gilchrist & Nutty, Ames, Iowa, and James F. Gordy, of Miller & Chevailier, Washington, D. C., of counsel.

Robert Livingston, Washington, D. C., with whom was Asst. Atty. Gen. Louis F. Oberdorfer for defendant, C. Moxley Featherston, Lyle M. Turner and Philip R. Miller, Washington, D. C., of counsel.

Before COWEN, Chief Judge and LARAMORE, DURFEE, DAVIS and COLLINS, Judges.

DURFEE, Judge.

This action for refund of Federal income taxes is brought on the ground that plaintiff is entitled to a bad debt deduction for the calendar year 1953 (or in the alternative for 1954) for the uncollected portion of a judgment obtained by plaintiff.

Plaintiff, a Delaware corporation, was an electrical and gas public utility company doing business in the State of Iowa. In 1952, in a derivative action brought by certain stockholders in behalf of...

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