Deering Milliken, Inc. v. South Carolina Tax Commission

Brailsford, Justice:

The sole issue on this appeal is whether the total of dollars “paid to the capital stock” of Deering Milliken, Inc., which, under Section 65-606, Code of 1962, constitutes the base for computation of the annual license tax on the corporation, amounts to $13,750,000.00, as reported by the taxpayer, or $102,176,600.00, as determined by the South Carolina Tax Commission.* The controversy arose after merger of The Cotwool Manufacturing Corporation and Deering Miliken & Co., Inc., pursuant to which Cotwool, the surviving corporation, changed its name to Deering Milliken, Inc.…