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United States v. Archer-Daniels Midland Co.

243 F.2d 130 (1957)

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United States v. Archer-Daniels Midland Co.

United States Court of Appeals for the Eighth Circuit
243 F.2d 130 (1957)

Facts

In June 1949, the board of directors of Archer-Daniels Midland Company (ADM) (plaintiff) transferred approximately $1.27 million from the company’s capital-surplus account and approximately $21.668 million from the company’s earned-surplus account to the company’s capital-stock account. These transactions did not result in ADM’s issuance of additional stock or shares to shareholders, nor did they affect the number of outstanding shares or certificates, affect the existing shares or certificates, or purport to grant or create any new shareholder rights. In August 1951, the Internal Revenue Service (IRS) assessed a documentary tax in the amount of approximately $34,000 against ADM. ADM paid the tax and then requested a refund, which the IRS disallowed, leading ADM to sue the United States (defendant) for a refund. The district court ruled for ADM. The United States appealed.

Rule of Law

Issue

Holding and Reasoning (Gardner, C.J.)

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