Waterman Steamship Corp. v. United States

In 1933 the plaintiff, Waterman Steamship Coi’poration, with the permission of the Commissioner of Internal Revenue changed its accounting period from a calendar year basis to a fiscal year basis ending September 30, and the first income tax return under the new arrangement covered the nine months’ period ending September 30, 1933. The parties agree that plaintiff’s income for this period was $207,823.14, and $2,891.16 tax and $294.82 interest thereon were assessed and paid by the plaintiff. The plaintiff duly filed a claim for refund of the amount so paid claiming that in fact no tax was due…