Owen v. United States

GREEN, Judge.

This suit is brought to recover the amount of $4,494.51 income tax for the year 1925, paid on March 28, 1929, together with interest thereon. The plaintiff alleges that the Commissioner of Internal Revenue in computing the income of the Kenilworth Park Company for the year 1925 erroneously included certain promissory notes at their face value in determining the profits from the sale of certain real estate, and that he should have included in the gross income only the amount actually paid thereon in cash for the reason that said notes did not have any fair market value in 1925.

Unde…