Oklahoma Tax Commission v. Hudson

Appeal by the Oklahoma Tax Commission, hereinafter referred to as plaintiff, from a judgment of the district court of Oklahoma county in favor of H. R. Hudson, hereinafter referred to as defendant.

Defendant was the owner of shares of stock in the First National Bank & Trust Company and the American First Trust Company in Oklahoma City. During- the year- of 1931 it appears that 95 per cent, of the income of the two companies was interest upon tax exempt obligations of the federal government, tlie state of Oklahoma and its municipalities. The corporation paid no tax on the income so received.…