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SCRIPTOMATIC, INC. v. UNITED STATES

Nos. 75-2078, 76-1732.

555 F.2d 364 (1977)

SCRIPTOMATIC, INC. v. UNITED STATES of America, Appellant.

United States Court of Appeals, Third Circuit.

Decided May 13, 1977.

Attorney(s) appearing for the Case

Scott P. Crampton, Asst. Atty. Gen., Gilbert E. Andrews, Jr., Grant W. Wiprud, Robert A. Bernstein, Attys., Tax Div., Dept. of Justice, Washington, D. C., for appellant.

Daniel Mungall, Jr., Stradley, Ronon, Stevens & Young, Philadelphia, Pa., for appellee.

Before SEITZ, Chief Judge, and VAN DUSEN and WEIS, Circuit Judges.

OPINION OF THE COURT

VAN DUSEN, Circuit Judge.

The question in this case is whether payments made on two series1 of obligations (denominated "debentures") of Scriptomatic, Inc. (plaintiff) were deductible as interest under 26 U.S.C. § 163, or were, in reality, disguised dividends and therefore not deductible by the corporation. On June 24, 1975, the district court entered judgment for plaintiff notwithstanding a December...

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