Collector of Revenue v. Olvey

McCALEB, Justice.

Tliis is one of several rules instituted under the provisions of R.S. 47:1574 1 by the Collector of Revenue against John W. Olvey, Sr., and members of his family, to collect income taxes due the State for the year 1954. The respondents to this rule, and the parties defendant in the companion cases, had filed income tax returns for the year in question in which they had reported capital gains derived from the sale of certain stock of the Marine Oil Company, their 1954 taxes being computed and paid on the amount of these gains, as estimated by them. Subsequently, the Department…