LOUDEN MACHINERY CO. v. UNITED STATES

No. K-338.

57 F.2d 911 (1932)

LOUDEN MACHINERY CO. v. UNITED STATES.

Court of Claims.

May 2, 1932.


Attorney(s) appearing for the Case

Jesse I. Miller, of Washington, D. C., for plaintiff.

Joseph H. Sheppard, of Washington, D. C., and Charles B. Rugg, Asst. Atty. Gen., for the United States.

Before BOOTH, Chief Justice, and WHALEY, WILLIAMS, LITTLETON, and GREEN, Judges.


WHALEY, Judge.

The plaintiff is suing to recover the sum of $1,814.57, being the amount of interest returned by it to certain of its stockholders in the year 1925, having been paid by the said stockholders on certain demand promissory notes bearing interest at the rate collected.

It is contended by the plaintiff that the amount returned to its stockholders was an ordinary and necessary business expense and deductible from its gross income for that year. The...

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