LOFT, INC. v. BOWERS

No. 27.

29 F.2d 654 (1928)

LOFT, Inc., v. BOWERS, Collector of Internal Revenue.

Circuit Court of Appeals, Second Circuit.

December 17, 1928.


Attorney(s) appearing for the Case

Gilbert & Gilbert, of New York City (A. S. Gilbert, of New York City, of counsel), for plaintiff in error.

Charles H. Tuttle, U. S. Atty., of New York City (Edward Feldman, Asst. U. S. Atty., of New York City, of counsel), for defendant in error.

Before MANTON, L. HAND, and AUGUSTUS N. HAND, Circuit Judges.


AUGUSTUS N. HAND, Circuit Judge.

This action was brought to recover $36,772.99, war profits taxes for the year 1918, alleged to have been illegally exacted. Prior to the year 1916 the candy business now conducted by the plaintiff company was owned by George W. Loft, who did not carry good will as an asset on his books. In January, 1916, the business was incorporated, with an authorized and issued capital stock of $4,000,000. In computing the taxes for the year 1918...

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