People Ex Rel. United States Aluminium Printing Plate Co. v. Knight
New York Court of Appeals
Appeal from an order of the Appellate Division of the Supreme Court in the third judicial department, entered June 10, 1902, which reversed a determination of the defendant in assessing a franchise tax against the relator and remitting the matter for readjustment. The facts, so far as material, are stated in the opinion. ■ The capital stock of the relator may be used as the basis of computation of a franchise tax, although wholly invested in patent rights.
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Appeal from an order of the Appellate Division of the Supreme Court in the third judicial department, entered June 10, 1902, which reversed a determination of the defendant in assessing a franchise tax against the relator and remitting the matter for readjustment. The facts, so far as material, are stated in the opinion. ■ The capital stock of the relator may be used as the basis of computation of a franchise tax, although wholly invested in patent rights. (People ex rel. v. Campbell, 138 N. Y. 543 ; M. S. Bank v. City of Rochester, 37 N. Y. 365 ; People v. H. Ins. Co., 92 N. Y. 328 ; 134 U.…
1Opinion of the CourtVann, J.
The relator is a domestic corporation, with a capital of $1,100,000, which is substantially all invested in letters patent issued by the United States. Its business is the granting of licenses to lithographers for the use of aluminum plates, for which it charges a royalty. During the years for which the tax in question was imposed it had no surplus and paid no dividend. It employed but about one-tliird of its capital stock in this state and its indebtedness was about $30,000, which exceeded the value of all its property other than patent rights.
The comptroller appraised its capital stock…
2Cases cited17 opinions
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- Provident Institution v. MassachusettsSupreme Court of the United States · 1868
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3Cited by17 opinions
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- In Re the Appraisal, Under the Transfer Tax Act, of the Property of PalmerNew York Court of Appeals · 1905
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