Realty Inv. Co. v. Moore

JONES, District Judge.

This action was submitted upon the pleadings, stipulation of facts, and'briefs of the parties. The suit is one to recover dividend excise taxes paid where refund *919was denied. The question is whether the corporation’s board of directors made a valid declaration of dividend before the effective date of the National Industrial Recovery Act § 213 (a), 48 Stat. 206.

I think that the resolution of June 10, 1933, was not a valid and complete dividend declaration within the meaning of the act, so as to deprive the defendant of the right to collect the tax. There was no valid and…