Word: refundability
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...began the Board of Tax Appeals hearings on: 1) the Government's claim for $3,075,103 in back taxes and penalties, based on a charge that Mr. Mellon had deliberately cheated in his 1931 income tax return; 2) Mr. Mellon's counterclaim for a $139,045 refund on that return, based on an assertion that he had not reported all his philanthropies. Last week spry Counsel Hogan's chief job was to tackle government counsel as it attempted to dart out of bounds on what looked like purely grandstand plays. Once the Government's Chief...
...hearings which began last week in a courtroom of Pittsburgh's new Federal Building was to determine whether Andrew William Mellon owed the Government $3,075,103 in back income taxes & penalty, or whether the Government owed the onetime (1921-32) Secretary of the Treasury a $139,045 refund. But in effect it was a trial of two great reputations at the bar of public opinion. One reputation seemed bound to emerge incalculably damaged. Mr. Mellon, as an Old Deal statesman, stood to be convicted of a deliberate, contemptible attempt to cheat his Government while holding high public office...
...actually overpaid his 1931 income tax by $139,045. The Bureau of Internal Revenue revived its original charge, slapped on a 50% indemnity for fraud. Last week three members of the Board of Tax Appeals went to Pittsburgh to hear Mr. MelIon's appeal and petition for refund...
...watching every filling station and patrol ling borders for gas bootleggers). And the Federal Government can better collect income taxes because wealthy men cannot move out of a district where the local rate is high. Hence there was considerable sentiment that the Federal Government should collect such taxes, and refund at least part to the states, just as some states collect income taxes and refund part to local governments. Yet state tax officials are inclined to oppose such a scheme be cause it would give the Federal Government still more power over them. Other Topics last week on the minds...
...Brooks Co.) ; suddenly, of heart disease; in Manhattan, which he was visiting on business. Taken to the prairies as a child during the Civil War, he started in business with 3,000 borrowed dollars, eventually ruled a $100,000,000 empire that included banks, power, telephones, railroads. Unable to refund a bond issue in 1931, tall, tough President Backus lost control. Last January he fiercely started a comeback in the form of a suit to dismiss his receivers for mismanagement (TIME...