Southern Pac. Co. v. Berliner

ROCHE, District Judge.

Plaintiff seeks to recover the sum of $46,687.95 with interest, on account of an alleged overpayment of documentary stamp taxes. The tax was levied on shares of no-par value stock issued in exchange for par value stock and the question for decision is whether, under the circumstances of this case, such issue constituted an “original issue” within the meaning of Sections 1800 and 1802 of the Internal Revenue Code.1 The facts were stipulated and are substantially as follows:

During the tax period involved the plaintiff existed as a Kentucky corporation en*697gaged in business…