Warestores, Inc. v. Nash

Bell, Chief Judge.

This is a suit brought by appellants, Warestores, Inc., and the trustees of two employee pension trusts, to recover a tax on intangible personal property on the ground that taxes had been erroneously and illegally assessed and collected.

It is undisputed that appellant Warestores, Inc., issued long term promissory notes to the appellants, trustees of the respective employee pension trusts. Both of these trusts are exempt from Federal income tax under § 501 (a) (formerly § 165 (a)) of the Internal Revenue Code of 1954. The notes were secured by real property located in DeKalb…