Detroit Edison Co. v. Corp. & Securities Commission

In Detroit Edison Co. v. Corporation & Securities Commission, 361 Mich 150, only 2 members of this Court * reached and decided the substantive issues raised in that case and again raised in this one. The principal issue is whether .an item appearing on plaintiff’s balance sheet as a liability under the caption “reserve for deferred Federal income taxes” should be treated as “surplus” for franchise fee purposes under PA 1921, No 85, § 4, as amended by PA 1954, No. 144. The franchise fee involved in the earlier cited case was for the year 1956; involved here is the fee for 1958. The procedural…