Capital Savings & Loan Ass'n v. United States

Plaintiff, Capital Savings and Loan Association (Capital), as successor in interest to Franklin Savings and Loan Association (Franklin), seeks in this suit a refund of federal income taxes in the amount of $603,137, plus interest thereon, paid with respect to Franklin’s final short year, July 1 through November 30, 1975. Capital paid this amount after its acquisition, pursuant to a statutory merger, of Franklin’s assets and the assumption of Franklin’s liabilities. The question presented is whether the statutory merger of Franklin, which, prior to the merger, had a limited amount of par value…