Greenwood Compress & Storage Co. v. Fly

HUTCHESON, Circuit Judge.

The suit was for the recovery of a five per cent excise tax assessed and collected from plaintiff under Section 213 (a) 1 *3of the National Industrial Recovery Act (48 Stat. 206), on dividends paid by appellant after the effective date of the Act, June 16, 1933.

The claim was that the dividends were tax exempt under the Act, because, though paid after June 16, 1933, when it took effect, they had been declared before that date.

The defense was that though the resolution of the stockholders of June 6, 1933,2 was valid and effective as a declaration of dividends prior to the…