Hamilton Nat. Bank v. United States

ALLEN, Circuit Judge-.

Appeal from a judgment dismissing appellant’s petition to recover the aggregate amount of certain stamp taxes theretofore paid under protest upon participating certificates issued by appellant. Appellant made timely claim for refund, and upon its rejection this suit was instituted.

The sole legal question is whether the participating certificates were corporate securities within the provisions of the Revenue Act of 1926, 44 Stat. 9, Section 800, schedule A(l), 44 Stat. 101, 26 U.S.C.A. § 901, which imposed a tax of five cents on each $100 par value “On all bonds,…