First National Bank of Omaha and Katherine D. Clark, Trustees of the Margaret H. Doorly Family Trusts v. United States

GIBSON, Chief Judge.

This is a tax refund suit by trustees of a family trust as successors to the property of the late Margaret H. Doorly, for 1963 income taxes overpaid by Mrs. Doorly. In her 1963 return she recognized the receipt of $10,429,005 from the liquidation of the World Publishing Company (World), publishers of the Omaha World Herald, and paid a tax of $2,332,257.19. It is now conceded that over $1,000,000 should not have been recognized as constructively received for income tax purposes and that she overpaid her taxes for that year in the amount of $267,771.75. The statute of…