First Nat. Bank of Memphis v. McCanless

Mr. Chiee Justice Neil

delivered the opinion of the Court.

The question presented on this appeal from the Chancery Court of Shelby County involves the alleged erroneous construction of the Hall Income Tax Law by the Commissioner of Finance and Taxation. It is a matter of first impression in this State. The question raised, to state it briefly, is what constitutes “taxable income” under our income tax statutes. The pertinent provisions of the statute, sec. 1123(1) et seq., are:

‘ ‘ Beginning with the calendar year 1937 and for each calendar year thereafter, to be computed from January 1st to…