Edward Barron Estate Co. v. United States

ROCHE, District Judge.

This is a suit for refund of income taxes plus interest, assessed against plaintiff for the year 1932 and paid under protest in 1937. The assessment pertained to a real estate transaction in which plaintiff repossessed itself of property situated on the Oakland Estuary.

In 1926 plaintiff sold a piece of property under an installment-sale contract, putting the purchaser in immediate possession and retaining title as security for the unpaid portion of the purchase price. Four years later, upon default of the purchaser, plaintiff satisfied the unpaid obligation by recovering…