MISSISSIPPI CHEMICAL CORPORATION v. UNITED STATES

No. 28271.

431 F.2d 1320 (1970)

MISSISSIPPI CHEMICAL CORPORATION, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant. COASTAL CHEMICAL CORPORATION, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

September 14, 1970.


Attorney(s) appearing for the Case

Robert E. Hauberg, U. S. Atty., Jackson, Miss., Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson, Meyer Rothwacks, Robert I. Waxman, Thomas L. Stapleton, Attys., Tax Division, U. S. Dept. of Justice, Washington, D. C., for appellant.

John C. Satterfield, J. Dudley Buford, Hollaman M. Raney, Yazoo City, Miss., for appellees; Satterfield, Shell, Williams & Buford, Yazoo City, Miss., of counsel.

Mac Asbill, Jr., Washington, D. C., for Penn Yan Agway Cooperative, Inc., amicus curiae.

Before GEWIN, GODBOLD and CLARK, Circuit Judges.


GEWIN, Circuit Judge:

The government appeals from separate judgments entered for Mississippi Chemical Corporation and Coastal Chemical Corporation (hereinafter, taxpayers) in their suits for refund of federal taxes. Taxpayers based their claims for refund on the contention that $99 of each $100 expended for the purchase of certain Class C stock in the New Orleans Bank for Cooperatives constituted deductible expenses in the year of purchase. The government contended...

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