Reynolds v. Durey

BRYANT, District Judge.

This is an action at law for the recovery of $117,135.22, representing income tax paid by or on behalf of the plaintiff for the calendar year 1920. The case was tried without a jury. Briefly, the facts are:

1. Plaintiff is an individual, who, up until September, 1920, had conducted, as sole proprietor, a retail furniture business at Troy and Albany, N. Y., for a period of thirty-five years.' On September 29, 1920, - he transferred the furniture business, which was operated largely on the installment basis, to R. C. Reynolds, Inc., a newly formed New York corporation, in…