Commonwealth v. Ontario, Carbondale & Scranton Railway Co.

Citations

• 188 Pa. 205
• 41 A. 607
• 1898 Pa. LEXIS 593

Syllabus

<p>1Trial before court without jury — Findings of fact — Practice, Supreme Court.</p> <p>Where a case is tried by a court without a jury, the Supreme Court will assume the correctness of the findings of fact where there is evidence to sustain them, and the tidal court is not bound to elaborate its reasoning from the evidence or particularize the mental process by which its findings are arrived at.</p> <p>Corporations — Tax on capital stock — Finding of fact.</p> <p>On an appeal from settlement against a railroad company for tax on its capital stock, if it be true that the company leased its road and failed to furnish equipments according to agreement, and the lessee had furnished them at great expense, the defendant was not injured by failure of the court, to so find, because it is by no means clear that this would depreciate the value of the stock; and if it did do so, the defendant, no doubt, had (he benefit of it.</p> <p>Taxation — Corporation—Tax on capital stock — Debt.</p> <p>In ascertaining- the value of the capital stock of a corporation for the purposes of state taxation under the act of June 8, 1891, the indebtedness of the company cannot be deducted from the value of the property and assets otherwise ascertained, but it may be considered as one of the relevant facts bearing upon the value of the stock.</p> <p>In ascertaining the actual value of the capital stock of a corporation, the value of the franchise may be taken into consideration.</p> <p>In a case of undervaluation of capital stock the court may take into consideration the corporation’s tangible property, assets and franchises.</p>