Central Electric & Gas Co. v. United States

The plaintiff, Central Electric and Gas Company, brings this suit to recover $59,235.88 of Federal income taxes, together with interest thereon, which it alleges were erroneously and illegally assessed and collected for the calendar year 1949. The plaintiff claims that it should have been, but was not, permitted to deduct interest in the amount of $155,-883.90 which it alleges it paid in 1949 on a Federal income tax deficiency assessed against it as transferee of the assets of a liquidated subsidiary. The plaintiff says that such a *651deduction is properly allowable under section 23 (b) of the…