Commonwealth v. Weirton Steel Co.

Citations

• 277 Pa. 6
• 120 A. 663
• 1923 Pa. LEXIS 352

Syllabus

<p>Taxation — Gorporations—Bonus—Purchase of property by bond issue — Foreign corporations — Act of May 8,1901, P. L. 150.</p> <p>1. The, word “capital” as used in the bonus Act of May 8, 1901, P. L. ISO, means property or assets employed within the State.</p> <p>2. Where a foreign corporation purchases coal lands in Pennsylvania, paying therefore part cash and the remainder in annual installments evidenced by bonds payable to bearer and secured by a money mortgage on the property, the company is liable to a bonus tax on the aggregate amount of the purchase money paid in cash and bonds.</p>