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UNITED STATES v. GENERAL BANCSHARES CORPORATION

Nos. 18756, 18757.

388 F.2d 184 (1968)

UNITED STATES of America, Appellant, v. GENERAL BANCSHARES CORPORATION, Appellee. GENERAL BANCSHARES CORPORATION, Appellant, v. UNITED STATES of America, Appellee.

United States Court of Appeals Eighth Circuit.

January 2, 1968.

Attorney(s) appearing for the Case

Gilbert F. Andrews, Atty., Dept. of Justice, Washington, D. C., for the United States. Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson and Martin T. Goldblum, Attys., Dept. of Justice, Washington, D. C., and Richard D. Fitzgibbon, Jr., U. S. Atty. for the Eastern District of Missouri and John A. Newton, Asst. U. S. Atty., same district, were with Gilbert F. Andrews, Washington, D. C., on the brief.

Owen T. Armstrong, of Lowenhaupt, Chasnoff, Freeman & Holland, St. Louis, Mo., for General Bancshares Corp. and filed brief.

Before BLACKMUN, GIBSON and LAY, Circuit Judges.

GIBSON, Circuit Judge.

This appeal and cross appeal concern questions of deductibility for federal income tax purposes of expenses incurred in carrying out a plan of divestment of non-banking assets intended to bring the taxpayer, General Bancshares Corporation, formerly General Contract Corporation, in compliance with the Bank Holding Act of 1956, 12 U.S.C. §§ 1841-1848; and the complementary income tax sections 26 U.S.C. §§ 1101-1103.

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