Louisville Trust Co. v. Glenn

MILLER, District Judge.

The plaintiff the Louisville Trust Company as executor of the estate of John B. Pirtle brought this action to recover from the Collector of Internal Revenue the sum of $20,818.19 with interest, being the amount paid by it under protest as a deficiency income tax assessment for the year 1933. The question involved is whether a loss resulting from the purchase of securities which subsequently became worthless occurred in the taxable year 1930 or in the taxable year 1933.

On June 7, 1926, John B. Pirtle entered into a written agreement with the Louisville Trust Company…