Minneapolis, St. Paul & Sault Ste. Marie Railroad v. United States

This suit is brought to recover the amount of $4,439,869.62 of Federal income tax, and $487,582.11 in deficiency interest *229paid thereon, together with interest on both sums as provided by law, paid by plaintiff for its tax calendar years 1950-1952, 1954-1955, inclusive.

This case can be properly categorized as a study of the toils and tribulations of the railroad industry throughout its undercapitalized expansionary period to its present fight for survival. The presently contested issues involve certain items which the taxpayer claims to have become worthless in 1952 or alternatively in 1954,…