American Investment Securities Co. v. United States

MAGRUDER, Circuit Judge.

This is another of those unsatisfactory cases calling for a determination whether, on particular facts, a corporation is “carrying on or doing business” within the meaning of the Revenue Acts.1 No decided case is squarely in point; the criterion is none too sharply defined. The court below, in a suit by the taxpayer corporation to recover back capital stock excise taxes collected for the fiscal years ending June 30, 1933, 1934, 1935, and 1936, held that the corporation had been doing business during those years, and gave judgment for the defendant.

American Investment…