Cameron Iron Works, Inc. v. United States

The plaintiff sues to recover $1,461.32, with interest thereon. This sum represents interest alleged to have been erroneously collected under section 292 (b) of the Internal Revenue Code on an income tax deficiency arising out of the operation of section 722 of the Code. The facts' have been stipulated by the parties and may be summarized as follows:

The plaintiff’s income and excess profits tax returns for the fiscal year ended June 30, 1944, disclosed a liability for income taxes in the amount of $84,263.02 and for excess profits taxes in the amount of $865,248.99. The plaintiff claimed its…