State v. Reynolds Metals Company

MERRILL, Justice.

The taxpayer, Reynolds Metals Company, a foreign corporation, disagreed with the franchise tax assessment fixed by the Alabama Department of Revenue for the tax year 1959, and appealed to the Circuit Court of Montgomery County under Tit. 51, § 140, Code 1940. The trial court reduced the amount of the franchise tax determined by the Revenue Department and the State appealed, contending that the trial court erred as to the items of accounts receivable and the value of its fixed assets — buildings, buildings under construction, lands, equipment, etc.

*563Accounts receivable.

The first…