Court of Appeals for the Eighth Circuit January 2, 1968, 18757_1 (United States v. General Bancshares Corporation, General Bancshares Corporation v. United States)

GIBSON, Circuit Judge.

This appeal and cross appeal concern questions of deductibility for federal income tax purposes of expenses incurred in carrying out a plan of divestment of non-banking assets intended to bring the taxpayer, General Bancshares Corporation, formerly General Contract Corporation, in compliance with the Bank Holding Act of 1956, 12 U.S.C.