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LICHTENBERGER-FERGUSON CO. v. WELCH

No. 3568.

49 F.2d 304 (1930)

LICHTENBERGER-FERGUSON CO. v. WELCH, Collector of Internal Revenue.

District Court, S. D. California, Central Division.

November 28, 1930.

Attorney(s) appearing for the Case

J. Wisemen Macdonald, and W. W. Wallace, both of Los Angeles, Cal., and Chas. F. Hutchins, of Pasadena, Cal., for plaintiff.

Samuel W. McNabb, U. S. Atty., of Los Angeles, Cal. (Ignatius F. Parker, Asst. U. S. Atty., of Los Angeles, Cal., of counsel), C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Alva C. Baird, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., and Richard W. Wilson, Sp. Atty., Bureau of Internal Revenue, of Los Angeles, Cal., for defendant.

HAZEL, District Judge.

In this case we are concerned with plaintiff's asserted right to income tax deductions, as hereinafter stated. Concededly, plaintiff's books were kept on the accrual basis, one of two systems of keeping books relating to business transactions recognized by the Internal Revenue Department. In plaintiff's income tax return filed for the year 1919, it claimed a deduction of $38,559.17, arising out of the delivery of a series of promissory notes...

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