SANTA MONICA MOUNTAIN PARK CO. v. UNITED STATES

No. 7368-Y.

20 F.Supp. 209 (1937)

SANTA MONICA MOUNTAIN PARK CO., Limited, v. UNITED STATES.

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

August 17, 1937.


Attorney(s) appearing for the Case

Claude I. Parker and Bayley Kohlmeier, both of Los Angeles, Cal., for plaintiff.

Peirson M. Hall, U. S. Atty., E. H. Mitchell, Sp. Asst. U. S. Atty., Eugene Harpole, Sp. Atty., Bureau of Internal Revenue, and Alva C. Baird, Atty. for Bureau of Internal Revenue, all of Los Angeles, Cal.


YANKWICH, District Judge.

The plaintiff seeks to recover $148,500 income taxes for the taxable year 1927, which it alleges were erroneously paid by it, and were illegally assessed and collected.

The question which calls for the determination is whether the Commissioner abused his discretion in refusing to allow a deduction of $1,100,000 for the year 1926 on account of the partial worthlessness of the bonds of the...

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