Whiting Finance Co. v. Hopkins

MURPHEY, J., pro tem.

This action is predicated upon a stipulated statement of facts, from which the following pertinent to the issues involved in this action are taken:

Plaintiff, an investment company, was assessed in 1924, for city and county taxes in the city of Los Angeles and the county of Los Angeles in the sum of $463,573.91 as solvent credits. Against this amount a deduction in the sum of $142,175.15 on account of debts was allowed. Appellant claimed that it was entitled to a further deduction of $350,000 arising out of the following transactions: On February 25, 1924, the appellant…