Polkinhorn v. United States

OPINION

HOLTZOFF, District Judge.

This is an action for a refund of income taxes claimed to have been erroneously assessed and paid. The action involves the interpretation and application of Section 108 of the Internal Revenue Code, 26 U.S.C. § 108.

The case has been submitted to the Court on a stipulation of facts. Philip G. Affleck, who died on January 7, 1947, created a trust estate by his will, under which his wife, Grace B. Affleck, was the life tenant.' A part of the estate was a parcel of improved real property in the District of Columbia, encumbered by a mortgage of $27,500. In September…