Erie & Pittsburg Railroad v. Pennsylvania Railroad

Citations

• 208 Pa. 506
• 57 A. 980
• 1904 Pa. LEXIS 795

Syllabus

<p>Railroads — Leases—Payment of taxes — Tax on capital stock — Corporations —Taxation.</p> <p>A covenant on the part of the lessee in a railroad lease “to pay all taxes now or hereafter imposed by law upon the property hereby demised and the earnings from or business thereof,” will not be construed to cover the shares of the capital stock of the lessor or the property or franchises upon which the valuation of such shares was made after the lease, for purposes of taxation; and this is particularly so where the parties, for thirty years, have ac^ed on a contrary construction.</p>