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MILTON S. KRONHEIM & CO. v. UNITED STATES

No. 50327.

163 F.Supp. 620 (1958)

MILTON S. KRONHEIM & CO., Inc. v. UNITED STATES.

United States Court of Claims.

July 16, 1958.

Attorney(s) appearing for the Case

F. Joseph Donahue, Washington, D. C., for plaintiff. Donahue & Kaufmann, Washington, D. C., were on the brief.

Rufus E. Stetson, Jr., Washington, D. C., with whom was Asst. Atty. Gen. Charles K. Rice, for defendant. James P. Garland, Washington, D. C., was on the brief.

LARAMORE, Judge.

This is a suit to recover income and excess profits taxes paid by plaintiff for the fiscal year ended October 31, 1944. The sole issue before us is whether or not plaintiff is entitled to deduct as an ordinary and necessary business expense1 the sum of $200,000 which it paid in settlement of the Price Administrator's claim against it for treble damages under the Emergency Price Control Act of 1942.2<...

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