Commonwealth v. Union Shipbuilding Co.

Citations

• 271 Pa. 403
• 114 A. 257
• 1921 Pa. LEXIS 517

Syllabus

<p>Taxation — Corporations—Capital stoch — Valuation — Property without the State.</p> <p>1. A tax on the capital of a corporation is a tax on the property in which that capital is invested.</p> <p>2. A tax based on a valuation including property situated outside the State is improper.</p> <p>3. An assessment of tbe capital stock of a corporation, which owns property both within and without the State, is proper, where it is based on such proportion of the valuation of the capital stock as the whole taxable assets in the State bears to the whole assets of the corporation.</p>