Title Guarantee & Trust Co. v. United States

This suit is brought to recover the sum of $30,598.69, with interest, alleged as constituting an overpayment of income taxes for the calendar year 1922. Plaintiff made its return to the revenue collector for the year in question, and paid a tax amount of $74,-112.15. After audit by the Revenue Depart- . ment, an additional tax of $5,696.25 was assessed, which plaintiff paid. A claim for refund was duly presented, in which it was asserted that the plaintiff was an insurance company, and that certain amounts not subject to tax had been included in its return, with the result that, where the net income on the return was shown as $592,897.22, the cor-' rect amount of net income should have been stated as $348,107.68, with a reduced tax amount of $43,513.46. The specific items of income claimed to have been erroneously included in plaintiff’s return were set forth as follows:

It is admitted that, under whatever classification the plaintiff is brought, the item for recording and advances would not constitute income. The amount under that heading, however, is agreed to be the sum of .$34,653.-82 instead of $35,653.82. Defendant admits the right of the plaintiff to recover $4,331.71,…