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DRAYTON v. UNITED STATES

No. 85-5432.

801 F.2d 117 (1986)

Richard DRAYTON, John R. Sauerteig, and Sydney G. Stevens, as escrow agents of the Delaware & Bound Brook Railroad Company, Appellees, v. UNITED STATES of America, Appellant.

United States Court of Appeals, Third Circuit.

Decided September 11, 1986.

Rehearing and Rehearing Denied October 7, 1986.

Attorney(s) appearing for the Case

John N. Malyska (argued), Henry T. Benedetto, Kathryn M. Schatz-Koles, Meyner & Landis, Newark, N.J., for appellees.

Glenn L. Archer, Jr., Asst. Atty. Gen., Michael L. Paup, Jonathan S. Cohen, John A. Dudeck, Jr. (argued), Attys. Tax Div., U.S. Dept. of Justice, Washington, D.C., (Thomas W. Greelish, U.S. Atty., of counsel), for appellant.

Rehearing and Rehearing In Banc Denied October 7, 1986.

OPINION OF THE COURT

BECKER, Circuit Judge.

This income tax case arises in the aftermath of the Rail Reorganization Act. Before us on an appeal from the judgment of the district court in a tax refund suit, it requires us to determine the proper income tax treatment of the interest component of certificates of value delivered to the shareholders of the transferor railroads as compensation for...

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