Edward R. Bacon Grain Co. v. Reinecke

LIND LET, District Judge.

Plaintiff seeks to recover additional income tax assessed and paid for the year 1921 in the sum of $27,722.39. The proper steps preliminary to such a suit have been taken. The sole question involved is whether a deduction of $80,272.37 should be subtracted from the income for the year 1921, as contended by plaintiff, or from that for the year 1920, as contended by the defense.

Plaintiff is a cash grain dealer in the city of Chicago. In August, 1920, it had sold for future delivery 390,000 bushels of “cash” oats for delivery in December, 1920, or any such month…