Von Heyden v. Tait

SOPER, Circuit Judge.

This suit was brought to recover income and profits taxes in the sum of $157,158.27 assessed against Chemische Eabrik Von Heyden, a German corporation, and collected by the Collector of Internal Revenue for the year 19191. The corporation owned substantially the entire issue of stock of a New Jersey corporation which was seized by the Alien Property Custodian in 1918 and sold by him for $1,500,000 in 191.9' under the provisions of the Trading with the Enemy Act of 1917 (40 Stat. 411), as amended (50 USCA Appendix). The tax was computed upon the excess of the net proceeds…