Ludington v. McCaughn

McKEEHAN, District Judge.

The plaintiff sues to recover $3,094,. the amount of an additional income tax assessed against him for the calendar year 1919 and paid under protest. Prior to March 1, 1913,. he purchased certain securities for $32,500, and sold them in 1919' for $3,866.91. Thus the difference between the-cost and the selling price, the actual loss, was $28,633.09. The selling price, however, was $33,183.09 less than the market price of the securities on March 1, 1913. In his income tax return, the plaintiff claimed the larger sum as a deduction, and the Commissioner reduced the…