Leach Corp. v. Blacklidge

HOLLY, District Judge.

This is an action to recover the sum of $17,493.57, which, plaintiff avers, it erroneously paid as income tax for the five month period from July 19, 1929, to December 31, 1929. The tax was paid in four installments, three of $4,373.39 each, paid respectively on the 15th day of the months March, June and September, 1930, and one of $4,373.40 paid December 15, 1930.

Plaintiff avers that in its return it erroneously determined its income tax for that period upon inventory at cost basis, whereas, as a dealer in securities, it was entitled to report its income or loss on the…