Mississippi State Tax Commission v. Defenbaugh & Co. of Cleveland

SMITH, Justice:

The Mississippi State Tax Commission has appealed from a decree of the Chancery Court of the First Judicial District of Hinds County, interpreting Mississippi Code Annotated 1942 section 9344 (1952). The chancellor construed that section as permitting Defenbaugh & Company of Cleveland, Inc., a corporation engaged in the finance or loan brokerage business, to take credit upon Mississippi State income taxes due by it on income derived from sources unrelated to such business, for the amount assessed against it and paid as a privilege tax for engaging in the finance of loan…