Cream of Wheat Co. v. County of Grand Forks
Citations
- 253 U.S. 325
- 40 S. Ct. 558
- 64 L. Ed. 931
- 1920 U.S. LEXIS 1426
Syllabus
<p>A State may tax a domestic corporation on the excess of the market value of its outstanding stock over the value of its real and personal property and certain indebtedness.although the corporation does no business within the State and has there no tangible, real or personal property nor any papers by which intangible property is customarily evidenced; and it is immaterial whether the tax be considered a franchise or a property tax. P. 328.</p> <p>The limitation of the Fourteenth Amendment upon the power of a State to tax the property of its residents which has acquired a permanent situs outside the State does not apply to intangible property even though it has acquired a “business situs” and is taxable in another State. P. 329.</p> <p>The Fourteenth Amendment does not prevent double taxation. P. 330.</p>
How courts have described this case
Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.
- noting that authority of state to tax domestic corpo ration is unaffected by fact that corporation conducted all its business in another state
- explaining that a company is domiciled in the state where \it was incorporated under the laws of that state\
- state may tax corporation incorporated in state on value of intangible personal property located outside state
Source: CourtListener parenthetical corpus (CC0).
Judges: Brandeis
Read full opinion on CourtListenerSourced from CourtListener / Free Law Project (CC0).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.