MEMORANDUM OPINION
STAPLETON, District Judge.
Plaintiff, a Delaware corporation, here seeks to recover income taxes which are alleged to have been erroneously and wrongfully assessed and collected by defendant. Since its formation in 1889, plaintiff has at all times acted as a title holding company. During the fiscal year ending March 31, 1950, plaintiff sold a parcel of real estate for a substantial profit. Plaintiff, believing itself to be tax exempt,...
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