Hillcrest Inv. Co. v. United States

REEVES, District Judge.

This is an action against the government for the recovery of $3,314.42 with intere.st at 6% from July 31, 1940. The plaintiff seeks a refund of that sum on the ground that it was illegally assessed by the Commissioner of Internal Revenue for the year 1937.

Said tax was assessed as the undistributed profit tax upon the adjusted net income of the plaintiff determined to be $19,175.16. The commissioner fixed the assessment upon the theory that the net income named could have been lawfully distributed to the stockholders of plaintiff for said year 1937 but was not. It is the…