Sherman B. Harlan, Receiver for General Credit Corporation v. The United States

DAVIS, Judge.

This is an unusual income tax refund suit in which the taxpayer’s receiver claims that, under its former management, the corporation deliberately overstated its income, and overpaid its taxes, for 1949 and 1950. We find the charge true, but not to the extent claimed by the plaintiff. 1

The taxpayer, General Credit Corporation, is an Indiana corporation engaged during the taxable years in the discount and small loan business in the northern part of the state. It was under the control of the Anderson family which largely staffed its main office and held the more important positions.…