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UNITED STATES v. GEORGIA RAILROAD AND BANKING COMPANY

No. 20842.

348 F.2d 278 (1965)

UNITED STATES of America, Appellant, v. GEORGIA RAILROAD AND BANKING COMPANY, Appellee.

United States Court of Appeals Fifth Circuit.

June 30, 1965.

Attorney(s) appearing for the Case

Louis F. Oberdorfer, Asst. Atty. Gen., John B. Jones, Jr., Acting Asst. Atty. Gen., Lee A. Jackson, David O. Walter, Robert J. Golten, Attys., Dept. of Justice, Washington, D. C., Donald H. Fraser, U. S. Atty., of counsel, for appellant.

James R. Harper, Atlanta, Ga., Paul R. Russell, New York City, Joseph B. Cumming, Augusta, Ga., Shearman & Sterling, New York City, Cumming, Nixon & Eve, Augusta, Ga., Cuba, Harper & Cuba, Atlanta, Ga., William J. Cooney, Thurmond, Hester, Jolles & McElmurray, Augusta, Ga., of counsel, for appellee.

Philip M. Lanier, Louisville, Ky., Roderick M. Nicol, Jacksonville, Fla., for Atlantic Coast Line R. Co., and Louisville & N. R. Co., amici curiae.

Before WISDOM and GEWIN, Circuit Judges, and BREWSTER, District Judge.

GEWIN, Circuit Judge.

This appeal presents for our consideration two novel questions of federal income tax law. First, we must decide whether a lessor under a 99-year "lease" of corporate securities is entitled to the dividends-received deduction which § 243 of the Internal Revenue Code of 1954, 26 U.S.C.A. § 243, affords to corporate shareholders.1 Second, we must answer the question whether the taxpayer-lessor, having distributed...

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