Panhandle Eastern Pipe Line Co. v. Corporation & Securities Commission

This is an appeal by the Michigan corporation & securities commission and the Michigan corporation tax appeal board from an order of the circuit court of Ingham county, Michigan, remanding the cause to the Michigan corporation & securities commission to recompute the annual franchise tax pursuant to section 5e of PA 1952, No 183, being CLS 1954, § 450.305e (Stat Ann 1955 Cum Supp §21.208 [5]). Plaintiff, Panhandle Eastern Pipe Line Company, is a Delaware corporation and is engaged in the distribution of natural gas. Most of the gas distributed comes from Texas and other southern States,…