Henry Prentiss & Co. v. United States

CAFFEY, District Judge.

Though the action was tried last Febru* ary, it was not argued or submitted until the 23d instant. As explained to counsel, it is essential that I dispose of it this week, before leaving on vacation. After I resume sitting in September, my time will be absorbed by new matters. Accordingly, without attempting a full exposition of the grounds, the points, involved are determined as follows:

1. If the excess of actual value of the real estate over the figures entered in the books and balance sheets had been claimed in the returns for 1918 and 1920, the taxpayer would have…