Central Federal Savings & Loan Ass'n v. Secretary of the Treasury

The Secretary of the Treasury mailed to the Central Federal Savings and Loan Association, on November 1, 1962, a personal property tax notice for $1,835.31, based on a $73,120 assessment of the taxed personal property. Part of the personal property consisted of stock issued by the Federal Home Loan Bank of New York and acquired by the taxpayer. The taxpayer did not agree or accept, in whole or in part, the tax imposition. On the following December 1, the taxpayer instituted an action before the Superior Court, San Juan Part, requesting that the aforementioned assessment and tax notice be…