UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF PENNSYLVANIA
May 7, 1954
The opinion of the court was delivered by: WATSON
In this action the plaintiff seeks to recover income tax alleged to have been overpaid in the year 1944.
An agreed statement of facts, with exhibits attached thereto, was filed by the parties. The case was tried by the Court without a jury.
In 1927 the plaintiff, Grant L. Bell, purchased 145 shares of the Payne Coal Company stock for $ 100 per share, and in the following year he acquired an additional 105 shares at the same price. At this time the authorized capital stock of this Pennsylvania corporation was 2,000 shares, of which 1,500 were eventually issued. These were held by the following persons in the amounts stated:
Grant L. Bell 250
J. H. Blackman 33
R. H. Buchanan 475
A. W. Crossman 125
Ralph W. Rymer 142
Bruce Payne 475
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