Westvaco Corp. v. United States

Plaintiff seeks refund of federal income taxes paid for the taxable fiscal years ended October 31, 1959, 1960, 1961, 1962, and 1963. In dispute is the proper method of determining the limitation on the amount of the deduction from gross income that will be allowed under section 165 of the Internal Revenue Code (code)1 for losses sustained to timber as a result of casualty. After having carefully considered the submissions and having heard oral argument, we deny defendant’s motion for summary judgment. Plaintiffs cross-motion for partial summary judgment is granted in part and denied in part…