United States v. Pure Oil Co.

LINDLEY, District Judge.

Defendant appeals from a judgment (a) for $21,092.70, the alleged balance due for stamp taxes on certificates for 264,226 shares of preferred stock issued by it in exchange for then outstanding preferred stock and (b) dismissing defendant’s counterclaim for $5,329.90.

On April 1, 1936, defendant had outstanding certain shares of preferred stock on which there were unpaid accumulated dividends, on 8 per cent stock, of $25.50 per share, on 6 per cent stock, $19,125 per share. Defendant proposed, and its shareholders agreed, their certificates be exchanged, share for…