Estate of Lovett v. United States

William R. Lovett1 (taxpayer) brought suit here in June 1974 seeking a refund of an alleged overpayment of $803,440.25 in federal income taxes and assessed interest for his taxable year 1963. The petition sets forth two different claims involving a variety of issues, but only one question is presented by the taxpayer’s motion for summary judgment and the defendant’s cross-motion for partial summary judgment. That question is whether § 951(d) of the Internal Revenue Code2 prohibits the inclusion in the taxpayer’s gross income in the same taxable year of amounts under both § 551(b) of the…