Willcutts v. Bunn

Mk. Chief Justice Hughes

delivered the opinion of the Court.

The respondent, .Charles W. Bunn, in the years 1919 and 1920, purchased for cash, as investments, bonds issued by various counties and cities in'the State of Minnesota. In January, 1924, he sold these bonds, realizing a net profit of $736.26. Upon this net profit, less a net loss of $41.20 suffered by him on similar bonds held less than two years, the Commissioner of Internal Revenue determined an' additional income tax in the amount of $85.44. The [plaintiff paid this amount to the Collector,, under protest, and claimed a refund upon…