Missouri Pacific Railroad Company v. The United States

LARAMORE, Judge.

The instant case involves a suit for refund of excess profits tax for the taxable year 1950, in which taxpayer bases its entitlement to a refund on the ground that the Commissioner of Internal Revenue erred in disallowing certain depreciation deductions, thereby reducing its excess profits credit. The government filed an answer wherein it denied this allegation and at the same time by way of a defense, in the nature of a setoff, alleged that taxpayer in its 1950 Federal income tax return improperly took a foreign tax credit for taxes paid to Mexico.

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