People Ex Rel. Best Co., Inc. v. Graves

The relator was incorporated on July 29th, 1924. It acquired the assets and franchises of Best & Co., Inc., hereinafter referred to as the “ old company.” It assumed the same name as the old company which was thereupon dissolved.

“ For the privilege of exercising its franchise in this state in a Corporate or organized capacity every domestic corporation * * * shall annually pay in advance for the year beginning November 1st next succeeding the first day of July in each and every year an annual franchise tax, to be computed * * * upon the basis of its entire net income for its fiscal * * * year…