United States v. Stange

LUSE, District Judge.

The cause was submitted on an agreed statement of facts and a jury waived. The facts stated in the stipulation are adopted as the court’s findings of fact. The controversy arises over dividends declared and paid to the defendant by the A. H. Stange Company pursuant to a resolution of the directors as follows:

“Whereas, * * * prior to the enactment of the Federal Income Tax Laws our mill and factory plant account which for a number of years had been carried at the nominal sum of $25,000 * * * and

“Whereas, in order to establish a proper basis of accounting due to said loss,…