Louisville Credit Men's Adjustment Bureau v. United States

DAWSON, District Judge.

This is a suit for the refund of federal income taxes exacted of the plaintiff for each of the taxpayer’s fiscal years ended April 30, 1926, to April 30, 1929, both inclusive. A somewhat detailed statement of the pertinent facts is deemed essential to a proper understanding and correct decision of the case.

The plaintiff, which will be called the bureau, was incorporated in 1907 with an authorized capital stock of 400 shares of the par value of $10 per share. Prior to 19221 only 180 shares had been issued, and in that year and prior to April 30th, 20 additional shares…