Arthur Iron Mining Co. v. Landy

THOMAS, Circuit Judge.

This is an appeal from a judgment in favor of the Collector of Internal Revenue, appellee, and against the appellant for costs in an action brought to recover $823.46 and interest, $750 of which was paid as a deficiency capital stock tax and $73.46 as interest thereon.

The appellant, a Minnesota corporation, was organized in 1906 with an authorized capital stock of 500 shares of the par value of $100 each. All of its stock was issued in exchange for mining leases the value of which greatly exceeded $50,000. The excess of the value of its assets above the par value of its…