Niles-Bement-Pond Co. v. Fitzpatrick

HARLAN, Circuit Judge.

This appeal brings before us a question as to the applicability of the stamp tax sections of the Internal Revenue Code, 26 U.S.C. §§ 1800, 1801, to corporate “promissory notes” issued to a, banking institution for a loan.

The District Court, after a trial,-filed a memorandum decision containing Findings of Fact and Conclusions of Law, and, relying upon our-decision in General Motors Acceptance Corp. v. Higgins, 2 Cir., 161 F.2d 593, certiorari denied 1947, 332 U.S. 810, 68 S.Ct. 112, 92 L.Ed. 888, held that the notes involved should be regarded as corporate debentures and…