HAYNSWORTH, Chief Judge.
Its nubility impaired by the existence of an insurance department it had operated for many years, a state bank divested itself of that business before merging with a national bank. The divestiture was in the form of a traditional "spin-off," but, because it was a preliminary step to the merger of the banks, the Commissioner treated their receipt of stock of the insurance company as ordinary income to the stockholders of the state bank. We...
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