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AMORY COTTON OIL COMPANY v. UNITED STATES

No. 71-1836.

468 F.2d 1046 (1972)

AMORY COTTON OIL COMPANY, Plaintiff-Appellee-Cross-Appellant, v. UNITED STATES of America, Defendant-Appellant-Cross-Appellee.

United States Court of Appeals, Fifth Circuit.

October 24, 1972.

Attorney(s) appearing for the Case

H. M. Ray, U. S. Atty., Oxford, Miss., Johnnie M. Walters, Asst. Atty. Gen., Meyer Rothwacks, William L. Goldman, Attys., Tax Div., Dept. of Justice, Washington, D. C., for defendant-appellant.

J. Kearney Dossett, Charles L. Brocato, Jackson, Miss., for plaintiff-appellee.

Before BELL, AINSWORTH and GODBOLD, Circuit Judges.

GODBOLD, Circuit Judge.

This is a subchapter S1 case concerning the requirement that a corporation electing subchapter S status have only one class of stock.2 It presents the questions of whether purported debt of such a corporation may be recharacterized as equity capital constituting a second class of stock, causing the corporation to forfeit its subchapter S status...

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