Oxford Paper Co. v. United States

GREEN, Judge.

The plaintiff in this case brings suit to recover $223,6-84.80, alleged to have been wrongfully collected from it as income taxes for the year 1917.

The action is based on a claim that, in determining the amount of plaintiff’s tax for that year, the Commissioner refused to allow the plaintiff for a loss sustained in the exchange of certain bonds for preferred stock of' the Nashwaak Pulp & Paper Company, Limited. The parties agree that the bonds exchanged were purchased by plaintiff in 1916 at an actual cost of $771,071.50 in cash, and that plaintiff received stock in the Nashwaak…