Commonwealth v. Lott

Opinion by

Mr. Justice Drew,

There are no disputed facts in this case. Appellee, a resident of Warren County, in 1937-8-9 purchased stocks on margin through a Boston, Massachusetts brokerage house, Smith, Barney & Company. In 1939 the Department of Revenue of Pennsylvania assessed personal property taxes upon these stocks, claiming that appellee’s equitable interest in them was taxable under Section 3, of the State Personal Property ■ Tax Act of June 22, 1935, P. L. 414, as amended and re-enacted. Appellee disputed the claim; the learned court below sustained his contention, that his interest…