TAXATION: Cream

Great was the to-do in 1933 when John Pierpont Morgan and his banking partners were discovered to have paid no income taxes for the years 1931 and 1932.* Franklin Roosevelt's legislators were put to work and the next year, restricted in their use of capital losses, Morgan & Co. paid heavily. They paid, but they appealed, and in due time the Bureau of Internal Revenue ruled in their favor. Last week the Treasury announced their refunds, as follows:

J. P. Morgan $338,774.25

Thomas W. Lament 138,783.45

R. C. Leffingwell 80,254.53

Junius S. Morgan 45,231.73

George Whitney 44,587.25

Estate of Thomas Cochran 49,138.78

Estate of E. T....

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