Howbert v. Penrose

McDERMOTT, Circuit Judge.

The taxpayer, Spencer Penrose, sued the Collector of Internal Revenue to recover $85,799.04 income tax for the year 1918, paid by him under protest on July 1, 1924. A jury was waived in writing. The trial court beard tbe testimony, made findings of fact, and as a conclusion of law therefrom found that tbe plaintiff was entitled to recover $63,870.19 and interest, on account of the refusal of tbe government to allow a deduction for losses growing out of the sale of shares of stock in three copper companies —hereafter called the “copper stocks”; but denied the plaintiff…