National Steel Corp. v. United States

CLARK, Circuit Judge.

This action is brought by a successor to the Producers Steamship Company to recover a refund of the Federal capital stock tax paid by the latter for the year ended *35June 30, 1937. In accordance with the Revenue Act of 19351 Producers Steamship Company declared a capital stock value in filing its capital stock tax return for the year ended June 30, 1936. Thereafter, Producers began liquidation on November 30, 1936, and formally dissolved on December 24, 1936. In its capital stock tax return for the year ended June 20, 1937, the adjustments of value provided for by the…