Cowan v. Henslee, Collector of Internal Revenue. Klein v. Henslee, Collector of Internal Revenue

These consolidated cases were instituted for the recovery of deficiencies in income tax theretofore paid and alleged to have been illegally collected. The sole question presented is whether the appellants Marion O. Cowan and Victor H. Klein, hereinafter called the taxpayers, who were trustees of an insolvent bank, are entitled to tax reduction under § 107 Int.Rev.Code, as amended, 26 U.S.C.A. § 107, with respect to additional compensation awarded them by the District Court of the Eastern District of Tennessee.

The taxpayers were trustees duly appointed under a plan and agreement for reopening…