Cheney v. St. Louis Southwestern Railway Co.

Prank Holt, Associate Justice.

This action tests the validity of an income tax statute. The appellee, engaged in interstate rail transporation, filed its 1962 income tax return with appellant. Appellee computed its income tax liability ($338,673.78) pursuant to Act No. 413 of 1961, § 1 and §§ 3 — 19 inclusive [Ark. Stat. Ann. § 84-2055 and §§ 84-2057 — 2073 (Repl. 1960) and Act No. 118 of the Acts of 1929, § 15, as amended, § 84-2020]. Appellant contends that appellee’s taxable income should have been computed pursuant to the provisions of Arkansas Acts of 1929, No. 118, § 3 (e), Ark. Stat.…