Stephenson Finance Co. v. South Carolina Tax Commission

Brailsford, Justice.

These four actions to recover taxes assessed by the South Carolina Tax Commission and paid under protest were tried together in the court below and resulted in judgments in favor of the taxpayers. The Tax Commission has appealed on one record. All parties agree that each of the four appeals depends upon the same legal question, i. e., whether the 1957 acquisition by Stephenson Finance Company, Inc. of all of the capital stock of Superior Life Insurance Company and of Superior Automobile Insurance Company by an exchange of shares of its own stock amounted to a…