Selected American Shares, Inc. v. United States

LINDLEY, Circuit Judge.

Plaintiff’s suit to recover additional stamp taxes assessed against it, paid under protest, having resulted in judgment for plaintiff, the government appeals. The facts were stipulated; the only controversy is as to their proper construction and the conclusions of law to be drawn therefrom.

*474Plaintiff is a diversified management investment company which buys and sells, for investment purposes, shares of corporate capital stock, bonds and similar securities. In accord with its charter and by-laws and certain statutes and regulations intended to protect the interests of…