Hastings & Co. v. Smith

CLARY, Judge.

Hastings & Company, Inc., hereinafter called “Hastings”, in Civil Action No. 13215 is attempting to restrain the Collector of Internal Revenue from collecting interest on tax deficiencies (later extinguished by net operating loss carry-backs) for which the Government has made claim under an assessment which Hastings asserts was improperly made and illegal. Civil Action No. 14238 is an action by the Government to collect the same interest.

The facts fully set out in the Government’s affidavit may be summarized very briefly as follows: For its fiscal year ending March 31, 1948,…