MR. CHIEF JUSTICE WAITE delivered the opinion of the court.
The single question in this case is, whether a railroad company is liable, under the act of July 14, 1870, c. 255, § 15, 16 Stat. 260, for a tax of two and one-half per centum on its profits for 1871, not divided, but used for construction during that year.
The section referred to, so far as material, is as follows:
"That there shall be levied and collected for and during the year eighteen...
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