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MARINE CHEVROLET COMPANY v. UNITED STATES

Civ. No. 757.

161 F.Supp. 62 (1958)

MARINE CHEVROLET COMPANY, Inc., Plaintiff, v. UNITED STATES of America, Defendant.

United States District Court E. D. North Carolina, Wilmington Division.

April 7, 1958.

Attorney(s) appearing for the Case

Poyner, Geraghty, Hartsfield & Townsend, Raleigh, N. C., for plaintiff.

Julian T. Gaskill, U. S. Atty., Raleigh, N. C., for defendant.

GILLIAM, District Judge.

This action was brought to recover federal income taxes collected for the years ending July 31, 1953, July 31, 1954, and July 31, 1955, amounting to a total of $18,678.91, and was heard without a jury. A clear cut single question is presented: Was the net annual increase in the credit to a repossession reserve account maintained for plaintiff by General Motors Acceptance Corporation properly returned as income by the plaintiff in each of the...

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