Mote v. Olsen

OPINION

COOPER, Justice.

This appeal concerns a tax assessment by the Commissioner of Revenue under T.C.A. § 67-2602, which was paid under protest. The statute levies a six percent income tax known as the Hall Income Tax, on “incomes derived by way of dividends from stocks or by way of interest on bonds.” The income upon which the tax was assessed was paid to the plaintiffs as trustors under an agreement by which the Georgia Conference Association of Seventh-Day Adventists served as trustee. The commissioner views the trust agreement as a bond under T.C.A. § 67-2601 as to the cash portion of…