McNAMEE, District Judge.
This is an action for the recovery of allegedly excessive income tax payments for the year 1951 in the sum of $900,093.46. Of this amount $827,134.34 is attributable to the Government's excessive valuation of plaintiff's inventory. The balance of $72,958.52 represents franchise tax refunds from the state of New York which allegedly acccrued in favor of the taxpayer in 1951, but were not entered upon its books until several years later.
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