Bellevue Realty, Savings & Trust Co. v. Monongahela River Consolidated Coal & Coke Co.

Citations

• 68 Pa. Super. 149
• 1917 Pa. Super. LEXIS 89

Syllabus

<p>Taxation — Corporations—Four mills tax — Tax on capital stock —Deduction of tax from, coupons.</p> <p>In an .action by a trust company against a coal company to recover on forty interest coupons for the years 1913, 1914 and 1915, on bonds of the coal company owned by the trust company, an affidavit of defense to a portion of the claim is sufficient, which admits liability of $716, but avers that for the three years in question plaintiff had not paid the tax to the State on its capital stock, that therefore the bonds were not exempt from the State tax of four mills, that when the 1915 coupons were presented for payment, defendant deducted the four mills tax so as to pay it over to the State, that defendant paid the 1913 and 1914 coupons in full without being informed or knowing, or having means of knowing that plaintiff had not paid the taxes due by it on its capital stock to the Commonwealth.</p> <p>In such a case defendant was entitled to deduct the four mills tax on the 1915 coupons and pay it to the State, and was also entitled to reimburse itself out of the fund claimed for the four mills tax on the 1913 and 1914 coupons which it had paid, or was bound to pay to the State.</p>