Otis Elevator Co. v. United States

This is an action for the recovery of an alleged overpayment by plaintiff of federal corporate income taxes in the amounts of $61,750.70, $173,151.11 and $366,743.41 for its fiscal years 1966, 1968 and 1969 respectively, plus assessed and statutory interest thereon. These amounts were paid as a result of a determination by the Commissioner of Internal Revenue ("Commissioner”) that for its fiscal years 1962 through 1969, plaintiff did not qualify as a Western Hemisphere trade corporation ("WHTC”) within the meaning of Internal Revenue Code section 921.1 The case is before this court on the…