Kentucky Jockey Club v. Lucas

DAWSON, District Judge.

Plaintiff, a Kentucky corporation, for federal taxation purposes uses a fiscal year beginning March 1st of each calendar year and ending on' the last day of the succeeding February. Therefore, for its taxable year extending from March 1, 1920, to February 28, 1921, its return was due on May 15, 1921. On May 14, 1921, it made its return, showing that it owed a total of income tax, war profits, and excess profits tax, of $413,557.19, and electing to pay same in quarterly installments, as authorized by law. Subsequent to the filing of this return, the Commissioner of…