State Tax Commission v. Mississippi Power Co.

Appellee filed its petition in the chancery court of Hnds county against appellant under the provisions of section 5057, Code 19 30, praying that an assessment made against it by appellant for income taxes for the years 1930 and 1931 be vacated and set aside. The prayer of the petition was granted. Prom that decree appellant prosecutes this- appeal.

The cause was tried on agreed facts, as follows:

“The Mississippi Power Company’s fiscal years are and continuously have been identical with the calendar years.

“In the conduct of business regularly carried on the Mississippi Power Company sustained…