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EQUITABLE TRUST CO. v. MAGRUDER

Civ. A. No. 639.

37 F.Supp. 711 (1941)

EQUITABLE TRUST CO. et al. v. MAGRUDER, Collector of Internal Revenue.

District Court, D. Maryland.

March 12, 1941.

Attorney(s) appearing for the Case

Wm. R. Semans, Jos. Addison, and Barton, Wilmer, Bramble, Addison & Semans, all of Baltimore, Md., for plaintiff.

Bernard J. Flynn, U. S. Atty., and T. Barton Harrington, Asst. U. S. Atty., both of Baltimore, Md., Samuel O. Clark, Jr., Asst. Atty. Gen., and Andrew D. Sharpe and Paul S. McMahon, Sp. Assts. to Atty. Gen., for defendant.

CHESNUT, District Judge.

The question in this federal capital stock tax case is whether the Equitable Trust Company, trustee under agreement between itself and Income Foundation Fund, Inc., dated November 20, 1934, is subject to taxation as an "association". The applicable statutes are the Revenue Act of 1935, section 105 (as amended by section 401 of the Revenue Act of 1936), and the Revenue Act of 1936, section 1001. See 26 U.S.C.A. Internal Revenue Acts, pages...

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