THE CABINET: Flivver

Due either to odd coincidence or bitter design, there has been a tax fight between wealthy Senator Couzens of Michigan and wealthier Secretary Mellon of the Treasury Department, since 1925. It was a fight over Senator Couzens' profit tax on his shares in the Ford Motor Co., which he sold in 1919. Last week, Senator Couzens won the fight and the Treasury Department lost perhaps $2,000,000 in refunds to Senator Couzens and eight other onetime Ford stockholders.

Senator Couzens, an original Ford incorporator, acquired his stock (2,180 shares) for some $40,000, prior...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!