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Show DECLARE DIVIDENDS EXEMPTFROM TAX SUPREME COURT 8AY8 THE GOVERNMENT GOV-ERNMENT MUST REFUND MILLION MIL-LION AND A HALF. Th Power of a State to Tax Net Receipt Re-ceipt of Life Insurance Companies In Each County Was Upheld In Caca From Montana. Washington. The sunpreme court Ion Monday refused the government's request to review the decision of the circuit court at Philadelphia that the corporation tai waa not collectible from "dividends" of mutual Insurance com pan lea, consisting of premiums returned re-turned or otherwise Invested at the option of the policyholder. As a result re-sult the government will be required to refund $1,600,000 already collected and to forego any such collections under un-der the present Income tax law. The power of a statu to tax net receipts re-ceipts of life Insurance companies in each county was upheld by the supreme su-preme court In a case where the New York Life Insurance company resisted resist-ed the collection of a tax by Deer Lodge county, Mont. The company contended vainly that the action of the state was an Interference with Interstate In-terstate commerce. Justices Hughes .and Vanderventer dissented. |