Intercoast Trading Co. v. McLaughlin

ROCHE, District Judge.

Plaintiffs sue for a partial refund of a total stamp tax of $27,308.35 paid by the Intercoast Trading Company, a corporation now dissolved, on an original issue of its capital stock. Stock certificates representing the entire issue of 1,800,000 shares without par value were issued from September 10, .1929, to October 22, 1929.

Under Schedule A, subdivision 2, of the Revenue Act of 1926 (section 800 et *150seq. [44 Stat. 99, 101]), as re-enacted by the Revenue Act of 1928 (45 Stat. 791), a stamp tax of one cent was due on every $20 of “actual value” of each stock certificate…