Leather Mfrs.' Nat. Bank v. Treat
U.S. Circuit Court for the District of Southern New York
On Demurrer to Complaint. This is an action to recover the sum of $154, paid by plaintiff under protest as a tax claimed by defendant to be due on $77,796.14 under the war revenue act of 1898. This sum is called “Profit and Loss” on plaintiff’s books, and “Undivided Profits” on the brief of plaintiff’s counsel.
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On Demurrer to Complaint. This is an action to recover the sum of $154, paid by plaintiff under protest as a tax claimed by defendant to be due on $77,796.14 under the war revenue act of 1898. This sum is called “Profit and Loss” on plaintiff’s books, and “Undivided Profits” on the brief of plaintiff’s counsel. It is alleged in the complaint that the books show the bank’s financial condition on June 30, 1901, to be as follows: Its entire assets were $11,142,387.50; its entire liabilities, other than liability to stockholders, were $10,064,512.61. The capital stock was $600,000. The amount set…
1Opinion of the CourtLacombe, Circuit Judge
(after stating the facts as above). The war revenue law of 1898 (30 Stat. 448) § 2, provides that:
“Bankers using or employing a capital not exceeding the sum of twenty-five thousand dollars shall pay fifty dollars; when using or employing a capital exceeding twenty-five thousand dollars, for every additional thousand dollars in excess of twenty-five thousand dollars, two dollars, and in estimating capital surplus shall be included. The amount of such annual tax shall in all cases be computed on the basis of the capital and surplus for the preceding fiscal year. Every person, firm, or company,…
2Cited by5 opinions
- Douglas v. EdwardsCourt of Appeals for the Second Circuit · 1924
- Germantown Trust Co. v. LedererCourt of Appeals for the Third Circuit · 1920
- Fidelity & Deposit Co. of Md. v. United StatesSupreme Court of the United States · 1922
- Fidelity Title & Trust Co. v. United StatesSupreme Court of the United States · 1922
- Central Trust Co. v. TreatU.S. Circuit Court for the District of Southern New York · 1909