People ex rel. Buffalo Union Furnace Co. v. Gilchrist

Section 182 of the Tax Law (as amd. by Laws of 1922, chap. 408; since amd. by Laws of 1924, chap. 332) as far as material provides as follows: “ For the privilege of exercising its corporate franchises in this State every domestic corporation * * * shall pay * * * annually, in advance, an annual *49tax to be computed upon the basis of the amount of its capital stock, employed during the preceding year within this State, and upon each dollar of such amount.”

In order to justify the tax which has been assessed herein under this statute it is necessary, first, that the corporation should have…