Lincoln Chemical Co. v. Edwards
District Court, S.D. New York
At Law. Action by the Lincoln Chemical Company against William H. Edwards, as Collector, etc., for refund of a part of the excess profits tax for 1917. Action by a taxpayer against the collector for refund of a part of the excess profits tax for 1917. The plaintiff, a domestic corporation, filed its return for 1917 and calculated its capital upon the basis of section 209 of the law of October 3, 1917 (Comp. St. 1918, Comp. St. Ann.
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At Law. Action by the Lincoln Chemical Company against William H. Edwards, as Collector, etc., for refund of a part of the excess profits tax for 1917. Action by a taxpayer against the collector for refund of a part of the excess profits tax for 1917. The plaintiff, a domestic corporation, filed its return for 1917 and calculated its capital upon the basis of section 209 of the law of October 3, 1917 (Comp. St. 1918, Comp. St. Ann. Supp. 1919, § 6336%j) ; that is to say, it assumed that it had “no invested capital, or not more than a nominal capital.” The treasury officials reassessed the tax…
1Opinion of the CourtLearned Hand, District Judge
(after stating the facts as above). I shall decide this case upon the assumption that “nominal capital,” in section 209, means “nominal invested capital,” without, of course, passing upon that question. I shall further assume — and indeed on this point both sides agree — that the secret process of Riddle was “intangible property,” within the meaning of section 207 (a) (3) *144(b) — Comp. St. 1918, Comp. St. Ann. Supp. 1919, § 6336%h. I shall finally assume that the process had only a nominal value in April, 1909, when it was sold to the plaintiff for $2,400 of stock. With these assumptions the…
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