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FIRST NAT. BANK OF SOUTH CAROLINA v. U.S.

No. 76-1943.

558 F.2d 721 (1977)

FIRST NATIONAL BANK OF SOUTH CAROLINA, Appellee, v. UNITED STATES of America, Appellant.

United States Court of Appeals, Fourth Circuit.

Decided July 8, 1977.

Attorney(s) appearing for the Case

Arthur L. Bailey, Atty., U.S. Dept. of Justice, Washington, D. C. (Scott P. Crampton, Asst. Atty. Gen., Myron C. Baum, Acting Asst. Atty. Gen., Gilbert E. Andrews, William A. Friedlander, Attys., U.S. Dept. of Justice, Washington, D.C., and Mark W. Buyck, Jr., U.S. Atty., Columbia, S.C., on brief), for appellant.

J. Donald Dial, Jr., Columbia, S.C. (Boyd, Knowlton, Tate & Finlay, Columbia, S.C., on brief), for appellee.

Before BRYAN, Senior Circuit Judge, and CRAVEN and WIDENER, Circuit Judges.

PER CURIAM:

In 1968 First National Bank of South Carolina deducted as an ordinary and necessary business expense under § 162(a) of the Internal Revenue Code1 a $63,350 assessment paid to Atlantic States Bankcard Association, Inc. (ASBA). The Commissioner of the Internal Revenue Service disallowed the deduction, saying that the payment was a membership fee which must be capitalized, and accordingly he levied additional taxes and interest...

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