First Nat. Bank of Greeley, Colo. v. United States

McDERMOTT, Circuit Judge.

Appellant filed its petition to recover $2,482.59 income taxes paid under protest for the 1931 tax year, and for $3,287.88 similarly paid for the 1932 tax year. The trial court sustained a demurrer to the petition; appellant elected to stand and judgment went against it. 9 F.Supp. 28.

The controversy grows out of a transaction by which appellant acted as trustee to realize upon the assets of a corporation in process of dissolution and distribute the proceeds, after payment of expenses, taxes, and debts if any, to the stockholders. Appellant contends that the…