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DIXIE FINANCE COMPANY, INC. v. UNITED STATES

Nos. 72-1417, 72-1509 and 71-3602.

474 F.2d 501 (1973)

DIXIE FINANCE COMPANY, INC., Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee. EMPIRE MORTGAGE & INVESTMENT CO., Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. Ernest STEWART and Harriet B. Stewart et al., Petitioners-Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Fifth Circuit.

February 5, 1973.

Attorney(s) appearing for the Case

E. Michael Masinter, Kent E. Mast, Atlanta, Ga., for Dixie Finance Co., Inc.

John W. Stokes, Jr., U. S. Atty., Julian M. Longley, Jr., Asst. U. S. Atty., Atlanta, Ga., Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Gordon S. Gilman, Attys., Tax Div., Dept. of Justice, Washington, D. C., for the United States.

Edward R. Kane, Atlanta, Ga., for Empire Mortgage & Investment Co.

Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Atty., Tax Div., U. S. Dept. of Justice, Lee H. Henkel, Jr., Acting Chief Counsel, Bobby D. Burns, Gordon S. Gilman, Attys., Internal Revenue Service, Washington, D. C., for United States.

Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Gordon Gilman, Attys., Tax Div., Dept. of Justice, K. Martin Worthy, Chief Counsel, Chris J. Ray, Internal Revenue Service, Washington, D. C., for C. I. R.

Edward R. Kane, Atlanta, Ga., for Stewart.

Joseph B. Brennan, Atlanta, Ga., for Whitehurst and others.

Before MORGAN, CLARK and INGRAHAM, Circuit Judges.

CLARK, Circuit Judge:

These three appeals (one from the district court and two from the Tax Court) arise from two separate purchases by Dixie Finance Co., Inc., [Dixie] of the stock of small loan companies. All three appeals involve the same question — the proper allocation of the price paid to the stockholders between that which was paid for their stock and that which was paid for agreements not to compete. Since Dixie made the separate purchases from unrelated...

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