United States v. Southwestern Portland Cement Co.

GARRECHT, Circuit Judge.

This appeal is taken by the United States, defendant below, from a judgment entered in favor of plaintiff for refund of excise taxes alleged to have been erroneously collected.

*414The facts, stipulated to, are substantially as follows:

The appellee, a West Virginia corporation, had its principal place of business at Los Angeles, Calif. On March 10, 1932, at a regular meeting thereof, its Board of Directors passed the following resolution: “Resolved that out of the net earnings of the corporation, there be paid an annual dividend of $8.00 per share on the Preferred stock…