State Tax Commission v. Overstreet Investment Co.

JONES, Justice.

The only question here is whether appel-lee was required to make its initial return under our Franchise Tax Statutes and pay such tax for the year 1964. The Chancery Court of the First Judicial District of Hinds County, whence this appeal, held it did not. We affirm.

Appellee’s certificate of incorporation was issued by the Secretary of State under date of December 16, 1963. The organization was on December 30, 1963, when stock was subscribed and the consideration therefor paid by a deed from N. W. Over-street to the corporation for certain property. The grantor reserved all…