Commonwealth v. New York, Pennsylvania & Ohio Railroad

Citations

• 188 Pa. 169
• 41 A. 594
• 1898 Pa. LEXIS 588

Syllabus

<p>Taxation — Corporations—Tax on capital stock — Debt.</p> <p>A (ax upon the capital stock of a corporation is a tax upon its property and-assets.</p> <p>Under the Act of June 8, 1891, P. L. 229, the question of the actual value in cash of the capital stock of a corporation is a question of fact •which must be determined by considering the value of defendant’s tangible property and assets of every kind, including its bonds, mortgages and moneys at interest, and its franchises and privileges; and the amount of the incumbrances on its property and franchises is also a relevant fact to be considered, but it is not to be specifically deducted from the valuation so ascertained and determined.</p> <p>As the actual value of the stock of a corporation is a pure question of fact, an insolvent corporation has no standing to complain of discrimination in tho methods of appraisement as between itself and solvent companies, so long as its stock is not assessed in excess of its actual value.</p>