[Download] "Valley Waste Mills v. Page" by United States Court of Appeals for the Fifth Circuit # Book PDF Kindle ePub Free

eBook details

Title: Valley Waste Mills v. Page
Author : United States Court of Appeals for the Fifth Circuit
Release Date : January 07, 1940
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 56 KB

Description

This is an action by appellant for the recovery of an alleged overpayment of income taxes for the calendar year 1933. A jury was waived, and the cause submitted to the district court upon the pleadings and an agreed statement of facts. The record discloses a case where, during the taxable year, a corporation sold contracts calling for the future delivery of cotton during that year, and simultaneously purchased contracts calling for later future delivery of the same kind and quantity of cotton. The question presented is whether each of said cotton contracts constituted a closed transaction resulting in a taxable gain or loss to the taxpayer during that year.