State v. Seals Piano Co.

The act “to provide for the general revenue of the state of Alabama,” ■approved September 15, 1919 (Gen. Acts, pp. 282-451), declares (section 2) that all solvent credits shall he exempt from ad 'valorem taxation. Defining the subjects of taxation, “except as exempted by existing laws,” subdivision “d” of section 5 of the act says:

“All stocks of goods, wares and merchandise, the assessment to be on -the average amount on hand during the preceding year, but the amount so assessed shall in no case be less than the capital actually employed in the business. * * * ”

The Seals Piano. Company is a…