Commonwealth v. Phila. & R. R.

Citations

• 145 Pa. 74
• 22 A. 235
• 1891 Pa. LEXIS 650

Syllabus

<p>(a) The capital stock of a corporation, declaring no dividends, was valued by its officers, for taxation under § 2, act of June 7, 1879, P. L. 118, at its actual value in cash between November 1st and 15th, and the value thus declared was the average price at which it was sold during the year. Between those dates, however, the selling price on the exchange was higher than that average:</p> <p>1. The court below, on a submission, without a jury, under the act of April 22, 1874, P. L. 109, having found as a matter of fact that the selling price, between those dates, was not a true test of the value of the capital stock of the company at that time, the finding would not be disturbed in the absence of clear and preponderating evidence to the contrary.</p> <p>2. The tax is to be imposed on the actual value of the capital stock, as that value may exist between said dates, “not less, however, than the average price which said stock sold for during said year,” etc. In arriving at this actual value, the selling price between -those dates is merely relevant evidence: Penna. R. Co. v. Commonwealth, 94 Pa. 474, distinguished.</p>