Walker v. Thomas

HUTCHESON, Circuit Judge.

The suits were for refund of income taxes assessed upon the restoration to income in 1933, of installment payments made, in prior years, on a conditional sale of stock, rescinded in that year, in accordance with its terms, because of default in payment.

The claim was that, when retaken, the stock was of little value, not more, to wit, than $221,734.02, that they had received on account of it $144,404.10, and that the total, $166,138.13, received by them was less than their basis, $172,462.48, so that under Section 44(d), Revenue Act of 1932, 26 U.S.C.A. Int.Rev.Acts,…