Oglebay Norton Co. v. United States

This action for refund of federal income taxes in the amount of $60,915.24, plus interest thereon as provided by *751law, is before the court on cross-motions for summary judgment. The claims are for income taxes paid for the calendar years 1969, 1970, and 1971, and are based upon plaintiffs carryback of an alleged excess of its investment credit for the calendar year 1972. The 1972 credit resulted from "improvements” made to three of plaintiffs bulk ore ships. These improvements were paid for entirely by qualified withdrawals in 1972 from the ordinary income account of its Interim Capital…