Xerox Corp. v. United States

This is an investment credit tax case in which Trial Judge Thomas J. Lydon has rejected one branch of taxpayer’s argument but allowed recovery on its alternative contention. The case comes before us on both parties’ exceptions to different parts of the trial judge’s opinion and findings, as well as defendant’s exception to the recommended conclusion of law. Oral argument has been had and the court has also considered the briefs and record.

We adopt Trial Judge Lydon’s comprehensive opinion with the deletion of his discussion of the Government’s setoffs and counterclaim.1 Nothing need be added…