Indianapolis Morris Plan Corp. v. United States

ON PLAINTIFF’S MOTION AND DEFENDANT’S CROSS-MOTION FOR SUMMARY JUDGMENT

YOCK, Judge.

This case involves a claim for a refund of the excess profits tax paid by Indianapolis Morris Plan Corporation in the taxable year 1953. On a stipulation of facts, the plaintiff has moved for summary judgment contending that funds received in return for certificates of investment issued by the plaintiff should be considered “borrowed capital” as defined by section 439(b)(1) of the Internal Revenue Code of 1939, and therefore included in the calculation of the excess profits tax credit, which offsets the amount…