Union Bleachery v. United States

PARKER, Chief Judge.

This is an appeal by a taxpayer in an action instituted in the year 1933 to recover alleged overpayments of income taxes made for the years 1923 to 1928 inclusive. Taxpayer’s contentions were (1) that its property had been undervalued for the purpose of computing depreciation deductions and that upon a proper valuation it *518was entitled to additional deductions on that account, (2) that, for the years 1923, 1924 and 1925, its accounts receivable should not have been taken at face value but at cost or market, whichever was lower, as in the case of inventory, (3) that it was…