Commonwealth v. Semet-Solvay Co.

Citations

• 262 Pa. 234
• 105 A. 92
• 1918 Pa. LEXIS 631

Syllabus

<p>Corporations — Capital stoch tax — Intangible property in other states — Taxation in this State.</p> <p>1. The situs of intangible property of a domestic corporation for the purposes of taxation, is the domicile' of the owner, although such intangible property may be in another state.</p> <p>2. In determining the value of the capital stock of a domestic corporation for the purpose of assessing the capital stock tax, it is proper to consider the value of bank deposits owned by such corporation, in banks located outside the State, bills receivable for services rendered and goods sold outside the State and payable outside the State, but not cash in the hands of the corporation’s employees, residing and transacting business for the corporation in other states.</p> <p>3. It is not material that such property may also be taxed by the states in which it may be.</p>