E. Wesley Hammond, Charles E. Shain, Deane C. Avery, Evan Hill and Walter Baker, Trustees of the Day Trust v. United States

KEARSE, Circuit Judge:

Defendant United States of America appeals from a final judgment of the United States District Court for the District of Connecticut, Jose A. Cabranes, Judge, awarding plaintiffs, the trustees (“Trustees” or “Day Trustees”) of the Day Trust (the “Trust”), a refund of $2,801 in excise taxes paid by the Trust pursuant to § 4940 of the Internal Revenue Code of 1954, as amended (“IRC”), 26 U.S.C. § 4940 (1982), on its investment income for 1980. The district court, in an opinion reported at 584 F.Supp. 163 (1984), held that, under IRC § 4947(a)(2), 26 U.S.C. § 4947(a)(2)…