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OIL CITY NAT. BANK v. UNITED STATES

No. 44623.

46 F.Supp. 886 (1942)

OIL CITY NAT. BANK et al. v. UNITED STATES.

Court of Claims.

October 5, 1942.

Attorney(s) appearing for the Case

Helen Goodner, of Washington, D. C. (Geo. E. H. Goodner and D. F. Prince, both of Washington, D. C., on the brief), for plaintiff.

John W. Hussey, of Washington, D. C., and Samuel O. Clark, Jr., Asst. Atty. Gen. (Robert N. Anderson and Fred K. Dyar, both of Washington, D. C., on the brief), for defendant.

Before WHALEY, Chief Justice, and LITTLETON, WHITAKER, JONES, and MADDEN, Judges.

JONES, Judge.

The sole question in this case is what part of a dividend received by Harry Heasley in the year 1934 from the Devonian Oil Company is taxable and what part is not taxable.

During the years 1920 to 1934, inclusive, the Devonian Oil Company was engaged in the buying and selling of oil and gas leases and in the production and sale of crude oil. Between the years 1925 and 1934 it disposed of a great many of its capital assets. There were gains and...

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