Word: refundability
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When James William Ellsworth, father of Explorer Lincoln Ellsworth, died in 1925, the village of Hudson, Ohio, collected some $60,000 in taxes from his estate, spent it for a sewage disposal plant, fire equipment, street paving. The Ohio Supreme Court ordered the village to refund $34,505,77 to Son Lincoln because Hudson had overtaxed the Ellsworth estate. Having splurged the $60,000, Hudson's Mayor Carman unhappily revealed that the town had only $154.47 left to pay Explorer Ellsworth...
...brought suit "on behalf of myself and all other consumers of agricultural products." This Russian-born left-winger sought to restrain Standard Milling Co., National Biscuit Co., Wheatena Corp., Postum Co., Consolidated Cigar Corp., Corn Products Refining Co. and 19 other companies from "disposing and wasting" any of their refunded tax. Plaintiff Reiskind, a lawyer, conceded that a prorata rebate to all consumers would be impossible, thought that the money should revert to the U. S. Treasury. Meanwhile the Chicago butchers charged that the packers had passed along their tax in the form of higher meat prices. The butchers claimed...
Republic Steel made $4,455,000 in 1935 as against a loss of $3,459,000 in 1934. First profit since the present company's formation in 1930, the 1935 earnings emphasized President Tom Girdler's position as steel's man-of-the-year. To refund debts of subsidiaries, President Girdler last week sold $45,000,000 of 4½% bonds maturing...
Having received its orders, the House marched. The Ways & Means Committee made only one major change in the "united front" bill. Because the amount involved was only some $10,000,000 and a great deal of bookkeeping would be required to refund it, the Committee proposed that veterans who had paid interest on their Bonus loans should be declared out of pocket. Veterans who had shirked their interest obligations would be permitted to keep the money. Thereupon the Committee reported the Bonus Bill out three days after receiving it. Four days the bill was passed by a thumping...
...escrow, awaited the Supreme Court's decision. Last fortnight the AAA became the late AAA. Last week the Supreme Court ruled that impounded processing taxes must be returned to tax payers (see p. 17). So happy packers had no more processing taxes to pay, also had a large refund coming. To Messrs. Swift, Cabell, Cudahy and Wilson this refund would amount to some $20,000,000. No did the court entirely rule out the possibility that pre-injunction taxes might also be returned...