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McLAUGHLIN v. LUMBER CO.

No. 125.

293 U.S. 351 (1934)

McLAUGHLIN, COLLECTOR OF INTERNAL REVENUE, v. PACIFIC LUMBER CO.

Supreme Court of United States.

Decided December 10, 1934.

Attorney(s) appearing for the Case

Solicitor General Biggs, with whom Assistant Attorney General Wideman and Messrs. Sewall Key and Joseph M. Jones were on the brief, for petitioner.

Mr. Claude R. Branch, with whom Messrs. F.D. Madison and Felix T. Smith were on the brief, for respondent.

MR. JUSTICE BUTLER delivered the opinion of the Court.

Respondent brought this action, in the district court for northern California, to recover $143,122.23 it had paid as income tax for 1923. The complaint alleges facts upon which respondent claims to have been overassessed in that sum as a result of failure to take into account deductible losses. One loss ($479,625) resulted from the liquidation in 1923 of A.F. Thane & Company, a wholly owned subsidiary. The...

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