Summit Drilling Corp. v. Commissioner

BRATTON, Circuit Judge.

Exchange National Bank of Tulsa, Oklahoma, hereinafter referred to as Exchange, was engaged in the banking business from 1910 to 1933. It was closed for .a period of approximately two weeks in March, 1933, first on account of a moratorium declared by the State of Oklahoma and then on account of the national bank holiday. On March 14th, it reopened without restrictions upon its regular banking activities. The National Bank of Tulsa, hereinafter referred to as National, was organized on or about April 23, 1933, for the express purpose of taking over the business of…