Public Service Company of New Mexico v. United States

HILL, Circuit Judge.

This litigation arises out of the internal revenue laws and specifically concerns the recovery of alleged excessively assessed income taxes for 1962. The sole issue is whether Public Service Company of New Mexico qualifies during the year in question for an investment credit under 26 U.S.C. § 48, in the construction of No. 3 Unit — Reeves Station at Albuquerque, New Mexico.

The trial court, sitting without a jury, concluded that Public Service had been erroneously denied the investment credit on the 1962 return, and accordingly granted judgment for the $193,505.80 in excess…