Granite Trust Company v. United States

MAGRUDER, Chief Judge.

Granite Trust Company sued the United States in the federal court for the District of Massachusetts to recover an overpayment of income tax and declared value excess profits tax for the year 1943. From a judgment for the defendant the taxpayer has taken this appeal.

Many of the facts were stipulated. It is agreed that if taxpayer’s losses realized upon its disposition in 1943 of certain shares of common stock of the Granite Trust Building Corporation (hereinafter called the Building Corporation) are entitled to be “recognized,” then Granite Trust Company should recover in…