Excise Board v. Chicago, R. I. & P. Ry. Co.

This is an appeal from a decision of the Court of Tax Review declaring invalid certain protested tax levies made by the excise board of Stephens county for the fiscal year of 1933-34.

In the lower court the Chicago, Rock Island & Pacific Railway Company, a corporation, defendant in error herein, was protestant, and the excise board of Stephens county, plaintiff in error herein, was protestee. The parties will be referred to as protestant and protestee when not otherwise designated.

The first question to be 'decided is: Can a municipality make a levy to remove a portion of an existing sinking…