Vierhus

The appellant sues to recover $1,213, assessed as a documentary stamp tax and collected by the appellee under Schedule A (1) of Title 8 of the Revenue Act of 1926, as amended by section 721 (a) of the Revenue Act of 1932, 26 U.S.C.A. §§ 900 and 901 and note; 44 Stat. 99 and 101, and 47 Stat. 272 .

The pertinent provision of the 1926 act is as follows:

“Schedule A. — Stamp Taxes

“1. Bonds of indebtedness: On all bonds, debentures, or certificates of indebtedness issued by any corporation, and all instruments, however termed, issued by any corporation with interest coupons or in registered form, known generally as corporate securities, on each $100 of face.value or fraction thereof, 5 cents: Provided, That every renewal of the foregoing shall be taxed as a new issue.” ( 44 Stat. 101 .)

The act of 1932 raises the rate to ten cents per hundred dollars. Otherwise the foregoing language remains the same.

The appellee’s demurrer was sustained to a complaint containing the following allegations :

On January 2, 1927, the appellant authorized the issuance of a series of first mortgage bonds to a total of $3,000,000, to mature serially over the period from January, 1932, to January,…