Utility Trailer Manufacturing Company v. United States

This is an action for the recovery of federal income tax deficiencies paid by plaintiff for the fiscal years ending September 30 in 1954, 1955, 1956, 1957, and 1958. Deficiencies in the aggregate amount of $165,875.86 were assessed. Plaintiff paid the deficiencies plus interest on January 4, 1960, and on March 29, 1960, filed claims for refund. The Commissioner of Internal Revenue had taken no action on the claims when this action was commenced on December 29, 1960.

On the basis of stipulations in the pretrial order, the exhibits received in evidence, and oral testimony at the trial, the court makes the following findings of fact:

FINDINGS OF FACT

1. Plaintiff was incorporated on June 18, 1916, under the name of “Los Angeles Trailer Company”, with an authorized capital stock of 500 shares. On or about May 24,1921, the name of the corporation was changed to “Utility Trailer Manufacturing Company”. Its principal place of business is in the city of Industry, California.

2. In accordance with the method of accounting employed in keeping plaintiff’s books and records, which, insofar as here pertinent, was the accrual basis, plaintiff within the time prescribed by law filed its…