Porto Rico Railway, Light & Power Co. v. Buscaglia

This is a ease in which both parties have appealed from different portions of the judgment of a district court in a suit for refund of $59,216.41 paid under protest as a result of deficiencies assessed for income taxes.

L

The first cause of action in the taxpayer’s suit related to its return for 1929. Porfi> Rico Railway, Light and Power Company in its returns for 1928 and 1929 claimed certain substantial deductions for losses resulting from the 1928«hurricane. In 1932 the Treasurer disallowed these deductions in large part and determined deficiency assessments therefor. There were various…