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UNITED STATES v. SNYDER BROTHERS COMPANY

No. 22111.

367 F.2d 980 (1966)

UNITED STATES of America, Appellant, v. SNYDER BROTHERS COMPANY, Appellee.

United States Court of Appeals Fifth Circuit.

Rehearing Denied September 27, 1966.

Attorney(s) appearing for the Case

Solomon Warhaftig, Atty., Dept. of Justice, Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Harold C. Wilkenfeld, Attys., Richard M. Roberts, Acting Asst. Atty. Gen., Dept. of Justice, Washington, D. C., Charles L. Goodson, U. S. Atty., Slaton Clemmons, Asst. U. S. Atty., Atlanta, Ga., John B. Jones, Jr., Acting Asst. Atty. Gen., for appellant.

Harry C. Howard, Kirk M. McAlpin, Furman Smith, Atlanta, Ga., George B. Ramsay, Jr., Toccoa, Ga., for appellee, King & Spalding, Atlanta, Ga., McClure, Ramsay & Struble, Toccoa, Ga., of counsel.

Before TUTTLE, Chief Judge, GEWIN, Circuit Judge, and HUGHES, District Judge.

TUTTLE, Chief Judge:

We have here for determination the question whether certain twenty-year debentures subordinated to all other indebtedness of the issuing taxpayer corporation constitute an "indebtedness" within the meaning of Section 163 of the Internal Revenue Code of 1954, 26 U.S.C.A. § 163,1 the interest upon which is allowed as a federal income tax deduction.

The facts are...

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