Schultz v. United States

SIMPSON, District Judge.

The plaintiffs brought this action for the refund of Federal income taxes for the years 1954 and 1955. All facts stated in the petitioners’ claim have been admitted by the defendant in its answer and the case comes on to be heard on motions for judgment on the pleadings filed by both parties. The only issue involved is one of law, requiring an interpretation of certain provisions of the Internal Revenue Code of 1954 (here-' in referred to as the “Code”).

During each of the years in question the plaintiffs received net long term *812capital gains and also corporate dividends…