No. 492.

357 U.S. 63 (1958)


Supreme Court of United States.

Decided June 16, 1958.

Attorney(s) appearing for the Case

Randolph W. Thrower argued the cause for petitioner. With him on the brief was A. G. McClintock. W. A. Sutherland and Mac Asbill, Jr. entered an appearance for petitioner.

John N. Stull argued the cause for the United States. With him on the brief were Solicitor General Rankin, Assistant Attorney General Rice and Harry Baum.

MR. CHIEF JUSTICE WARREN delivered the opinion of the Court.

The issue in this case is whether a taxpayer must pay the full amount of an income tax deficiency before he may challenge its correctness by a suit for refund under 28 U. S. C. § 1346 (a) (1).

During 1950 petitioner suffered losses on the sale of certain commodities and futures. He reported them as ordinary losses, but the Commissioner of Internal Revenue characterized them as capital losses...

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