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INTER-COUNTY TITLE GUAR. & MORTG. CO. v. RASQUIN

May 8, 1941

INTER-COUNTY TITLE GUARANTY & MORTGAGE CO.
v.
RASQUIN; UNITED STATES v. INTER-COUNTY TITLE GUARANTY & MORTGAGE CO.



The opinion of the court was delivered by: CAMPBELL

CAMPBELL, District Judge.

The two above entitled causes were after final hearing consolidated, as the statute involved was in effect the same in both cases.

The first above entitled action was brought by the taxpayer to recover from the administratrix of the deceased Internal Revenue Collector, the aggregate amount of $1,000 and interest, paid as capital stock taxes for the periods ended June 30, 1933, and June 30, 1934.

 The second above entitled action was brought by the United States of America against the Inter-County Title Guaranty and Mortgage Company to secure a judgment for $423 with interest from June 30, 1935, for capital stock taxes for the period ended June 30, 1935.

 The following Statutes are involved:

 National Industrial Recovery Act, Chapter 90, 48 Stat. 195, 207;

 "Sec. 215. (a) For each year ending June 30 there is hereby imposed upon every domestic corporation with respect to carrying on or doing business for any part of such year an excise tax of $1 for each $1,000 of the adjusted declared value of its capital stock.

 * * *

 "(c) The taxes imposed by this section shall apply --

 "(1) to any corporation enumerated in section 103 of the Revenue Act of 1932 [26 U.S.C.A. Int.Rev.Acts, page 506];

 "(2) to any insurance company subject to the tax imposed by section 201 or 204 of such Act [26 U.S.C.A. Int.Rev.Acts, pages 546, 548]."

 Revenue Act of 1932, Chapter 209, 47 Stat. 169;

 "§ 204. Insurance Companies Other than Life or Mutual

 "(a) Imposition of Tax. In lieu of the tax imposed by section 13 of this title, there shall be levied, collected, and paid for each taxable year upon the net income of every insurance company (other than a life or mutual insurance company) ...


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