People's Federal Savings & Loan Ass'n v. State Franchise Tax Board

VALLÉE, J.

Appeal by defendant from an adverse judgment in an action for refund of varying amounts of taxes paid under the Bank and Corporations Franchise Tax Act (Stats. 1929, p. 19 as amended; 3 Deering’s Gen. Laws, Act 8488), referred to as the tax act, for the taxable years 1943 and 1944 (income years 1942-1943).

The action was brought by 29 plaintiffs. They are either mutual share federal savings and loan associations created under the Federal Home Owners’ Loan Act of 1933 (12 U.S.C.A. § 1464 et seq.), or mutual share companies organized under the California Building and Loan Act. (Stats.…