Ferguson v. Fidelity Union Trust Co.

WOOLLEY, Circuit Judge.

Tbe Fidelity Union Trust Company, wbieb we shall call tbe bank, is a corporation of New Jersey. In making a federal tax return for tbe year 1917 it deducted from its gross income an item of $45,643.03, being tbe amount of taxes on its capital stock assessed against it for that year by tbe County Board of Taxation of Essex County, New Jersey, and paid in response to the assessment. Tbe Commissioner of Internal Bevenue disallowed tbe deduction and, by reason thereof, assessed against tbe bank an additional tax of $2,738.66 which it paid under protest and then sought to…