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TOWANDA TEXTILES, INC. v. UNITED STATES

No. 468-57.

180 F.Supp. 373 (1960)

TOWANDA TEXTILES, INC., v. UNITED STATES.

United States Court of Claims.

February 3, 1960.

Attorney(s) appearing for the Case

Bernard Weiss, New York City, for plaintiff.

Theodore D. Peyser, Jr., Washington, D. C., with whom was Asst. Atty. Gen. Charles K. Rice, for defendant.

James P. Garland and Lyle M. Turner, Washington, D. C., were on the brief.

WHITAKER, Judge.

This is a suit for the refund of an alleged overpayment of Federal income taxes for the plaintiff's tax year ending June 30, 1956. The record presents two legal issues which may be briefly summarized as follows:

Plaintiff was in voluntary liquidation when fire destroyed some of its property. The amount received from the insurance on the property exceeded the base thereof for the purpose of ascertaining gain or loss. The first question presented...

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