Frank v. International Canadian Corp.

BARNES, Circuit Judge.

This appeal involves federal income taxes of two corporations. From which is the government entitled to collect? One has, by law, a preferential income tax basis over the other.

Plaintiff-appellee International Canadian Corporation (hereinafter referred to as "International”) paid $84,692.91 in taxes as reported on its timely return for its fiscal year ending April 30, 1953; defendant-appellant Frank (hereinafter referred to as “Commissioner”) then assessed a deficiency of $97,462.18 for the same taxable year and International paid the deficiency on October 3, 1956. On…