¶1Helen Goodner, Special Asst, to Atty. Gen., Ellis N. Slack, Theron Lamar Cau-dle, Asst. Atty. Gen., C. F. Herring, U. S. Atty., San Antonio, Texas, for appellant.
¶2Dan Moody, Mac Umstattd, Austin, Tex., for appellee.
¶3Before HUTCHESON, Chief Judge, and RUSSELL and STRUM, Circuit Judges.
¶5Brought to recover $1962.75 and interest, demanded and exacted of it as additional excess profits tax for the calendar year 1944, the suit resulted in a judgment for the taxpayer, and the collector appealed.
¶6The only question presented for our answer is whether in adjusting the taxpayer’s excess profits credit for 1944, under the invested capital method, the Commissioner had the right to exclude from “Borrowed invested capital”, under Sec. 719,1 I.R.C., approximately $200,000 borrowed by appel-lee on its notes and invested in war bonds.
¶7The district judge, in his opinion reported in 99 F.Supp. 81, correctly summarized in his findings the undisputed facts and in his conclusions thereon correctly interpret*332ed, and as correctly applied to the facts, the applicable statute and regulations.2
¶8We shall not, therefore, undertake to restate the facts or elaborate upon the conclusions of the district judge. We shall content ourselves with saying: that we agree with his statement of the facts and the law; and that, approving and adopting it, we affirm the judgment. Of the two opinions3 from the Eighth Circuit, the earlier relied on by the Collector, the later by the taxpayer, we approve the taxpayer’s choice, and to the extent, if any, that the earlier is in conflict with the later and with the conclusions here announced and applied, we decline to follow its leading.
¶9The judgment is affirmed.