United States Treasury Department v. La Crosse Trust Co.

In order to bring into sharper focus the basis of the government’s claim for additional federal income taxes for the year 1950, we set forth below the computations of Olson’s deductible loss shown in his 1950 return and the government’s adjustments therein:

Explanation per return Cash paid out for Nelson Garment Figures per return Figures as adjusted by the government

Company.$62,432.65.$62,432.65

Recovery in 1950. 26,870.04. 49,098.54

Balance — Total loss $35,562.61.$13,334.11

Loss: Deducted on prior returns. 35,317.44. 40,955.05

Balance loss $ 245.17 Gain $27,620.94

Attorney’s fee re: Nelson…