George S. Colton Elastic Web Co. v. United States

MAGRUDER, Circuit Judge.

This action was brought for the recovery of alleged overpayments of income and excess profits taxes for the calendar year .1920. A written agreement of the parties1 has suspended the running of the statute of limitations.

The facts were stipulated below. The appellant is a Massachusetts corporation which kept its books of account and records and prepared its returns of net income on the accrual basis of accounting for calendar years. In 1921 it paid the Massachusetts domestic corporation tax assessed as of April 1, 1921. At that time this tax was ascertained by adding…