Commonwealth v. Penn Square Management Corp.

Opinion by

President Judge Bowman,

Penn Square Management Corp. (Penn Corp.) has appealed from an order of the Board of Finance and Revenue (Board) affirming the taxing authorities’ settlement of Penn Corp.’s capital stock tax for the year ending’ December 31,1973.

During the calendar year 1973 Penn Corp. was engaged in the business of investment adviser for the Penn Square Mutual Fund, an open-end investment trust.

Penn Corp. timely filed its Pennsylvania Corporate Tax Beports reflecting a capital stock tax of six thousand ($6,000.00) dollars, based upon a self-appraised actual value of its…