Schuylkill Trust Co. v. Pennsylvania

In Schuylkill Trust Co. v. Pennsylvania, 296 U. S. 113, we held an act of Pennsylvania 1 invalid as construed and applied in the calculation of the amount of the tax thereby imposed. The statute requires every trust company chartered under the general corporation law to report annually to the Department of Revenue the number of outstanding shares and their actual value at the close of the preceding calendar year. The department is to assess the shares for taxation at five mills upon the dollar. The taxable value of each share is to be ascertained by adding together so much of the amount of…