National Steel Corp. v. United States

BIGGS, Circuit Judge.

The Producers Steamship Company filed its capital stock tax return for the taxable year ending June 30, 1936, and set the value of its stock at $6,000,000. Producers began liquidation on November 30, 1936, and was formally dissolved by the action of its stockholder on December 24, 1936. National Steel Corporation, which was its sole stockholder, is its transferee and assignee. Producers, as we have shown, continued in business during a portion of the taxable year ending June 30, 1937. It filed a capital stock tax return for that year, declared an adjusted value for its…