Cary, Collector v. The Savings Union

89 U.S. 38

22 L.Ed. 779

22 Wall. 38

CARY, COLLECTOR,

v.

THE SAVINGS UNION.

October Term, 1874

ERROR to the Circuit Court for the District of California; the case being thus:

An act of Congress passed in 1864, as amended in 1866,* enacted that there should be levied and collected a tax of five per centum on all dividends thereafter declared due, wherever and whenever the same should be payable to depositors as part of the earnings, income, or gains of any savings institution:

'Provided, That the annual or semi-annual interest allowed or paid to the depositors in savings banks or savings institutions…