Bowers v. Kerbaugh-Empire Co.,
271 U.S. 170 (1926)

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U.S. Supreme Court

Bowers v. Kerbaugh-Empire Co., 271 U.S. 170 (1926)

Bowers v. Kerbaugh-Empire Company

No. 173

Argued January 25, 1926

Decided May 3, 1926

271 U.S. 170


Plaintiff borrowed money from a bank in Germany before the War, repayable in marks or their equivalent in gold coin of the United States, lost the borrowed money in business, and repaid the loan to the Alien Property Custodian in 1921, when marks had greatly depreciated, the amount of the depreciation, however, being less than the losses sustained on the entire transaction. Held that the difference, resulting from the depreciation, between the amount borrowed and the amount repaid, in American money, was not taxable as " income." P. 271 U. S. 173.

300 F. 938 affirmed.

Error to a judgment of the district court recovered by the company from the Collector in an action for money paid under protest as income tax.

Page 271 U. S. 171

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