Equitable Life Assurance Soc. of US v. United States

REED, Justice (Retired),

sitting by designation.

These are cross-motions for partial summary judgment under Rule 51 of this court, 28 U.S.C.A. Plaintiff seeks recovery of income taxes paid on mortgage and promissory note prepayment charges collected from borrowers during the years 1950-1954. The Commissioner of Internal Revenue has treated those prepayment charges collected during 1950-1953 as income under § 201(c) 1 of the Internal Revenue Code of 1939, 28 U.S.C.A. § 201(c), and as to those charges collected during 1954 the same result was reached under § 803(a) (2) of the I.R.C. of 1954, 26…