People's Warehouse Co. v. Yazoo City

Citations

• 97 Miss. 500
• 52 So. 481

Syllabus

<p>Taxation. Corporations. Constitution 1890, secs. 112, 181.' Code 1906,. § 4267. Tax on franchise.</p> <p>Constitution 1890, sec. 181, providing that the property of corporations shall he taxed in the same way as that of individuals, must he construed in connection with Constitution 1890, sec. 112, authorizing the legislature to provide for a special mode of assessment for corporations, and, when so construed, Code 1906, § 4267, providing that corporations shall he assessed at the market value-of their stock paid in, less- real estate owned, to he separately assessed as other real estate, is not invalid; and where the aggregate market value of the stock of a corporation exceeds the-value of the real and personal propertey, a tax on the difference is a tax on the value of the franchise of the corporation, and is proper.</p>