Follansbee Steel Corp. v. United States

WILLSON, District Judge.

This is a case in which the taxpayer should recover. I have this date filed an opinion in a case involving the same question, Sharon Steel Corporation v. United States of America, D.C., 139 F.Supp. 414, in which the decision is for the defense. However, as to this issue, the loan is clearly evidenced by a promissory note. It is a straight commercial transaction. The loan was made in the regular course of business by a regular customer of the bank and was approved by the commercial credit department of the bank and not by the Investment Committee, and was made in the…