Commonwealth v. Morewood Realty Corp.

Opinion by

Mr. Justice Nix,

This is an appeal by the Commonwealth from an adverse decision of the Commonwealth Court holding that New York property owned by appellee, Morewood Realty Corporation, should be excluded from the valuation of Morewood’s capital stock for purposes of the Pennsylvania franchise tax, Act of June 1, 1889, P. L. 420, §21, as amended, 72 P.g. §1871 (b), imposed upon Morewood for the year 1966. Morewood Realty Corp. v. Commonwealth, 6 Pa. Commonwealth Ct. 244, 294 A.2d 219 (1972).

The parties stipulated to the following facts. More-wood is a Delaware Corporation whose…