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SECURITY BANK S.S.B. & SUBSIDIARIES v. C.I.R.

No. 96-1289.

116 F.3d 302 (1997)

SECURITY BANK S.S.B. & SUBSIDIARIES, formerly known as Security Savings and Loan Association, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided June 24, 1997.

Attorney(s) appearing for the Case

Sara B. Jensen, Michael, Best & Friedrich, Madison, WI, Robert A. Schnur (argued), Michael, Best & Friedrich, Milwaukee, WI, for petitioner-appellant.

Gary R. Allen, Gilbert S. Rothenberg (argued), Department of Justice, Tax Division, Appellate Section, Washington, DC, for respondent-appellee.

Before RIPPLE, DIANE P. WOOD and EVANS, Circuit Judges.

RIPPLE, Circuit Judge.

Security Bank S.S.B. and its subsidiaries ("SSB") seek review of a decision of the Tax Court. SSB made loans secured by mortgages on real property. When the borrowers defaulted, SSB acquired the real property through, or in lieu of, foreclosure. The Tax Court held that the gain realized in the subsequent sale of the real property ought to be treated as unpaid interest, and therefore income, by SSB....

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