Commonwealth v. Clairton Steel Co.

Citations

• 222 Pa. 293
• 71 A. 99
• 1908 Pa. LEXIS 695

Syllabus

<p>Taxation — Corporations—Act of July 15, 1897, P. L. 292 — Bonds.</p> <p>Under the Act of July 15, 1897, P. L. 292, a bank or savings institution which has paid a four mills tax upon the actual value of all the shares of its stock that have been subscribed for or issued, is not required to pay any tax on personal property owned by it in its own right.</p> <p>Where such an institution owns the bonds of a Pennsylvania manufacturing company, the latter company is not required to collect any tax on such bonds and pay it over to the commonwealth.</p>