Johnston v. McLaughlin

WILBUR, Circuit Judge.

This is an action to recover taxes paid by the Du Pont Milling & Sales Corporation upon its income for the year 1927, brought by its trustee in bankruptcy. The District Court rendered judgment in favor of the defendant. Plaintiff appeals.

In the tax return for the company for the year 1927 its net income was stated to be $12,448.72. The tax thereon estimated by the taxpayer was $1,410.58. The tax was paid by the company, and thereafter a closing agreement was executed by the company and the collector and approved by the Secretary of the Treasury of the United States, all…